question - I am wondering if I receive an item at 1.00, and then the price goes to 2.00, should I still receive that same item, or should I create a new one? I do not want my average cost for that particular item to change but I want to determine gross profit from average cost.l

@Marygolds3 Why don't you want your average cost to be impacted?

for historical data/gross profit percentages

Mmmm not sure I understand that. Historical avg cost for any given past transaction is captured as COGS, so that would remain. If you bought something at a higher price, the point of Avg Cost would be to let it fluctuate. If you want another model, you may want to consider Standard Cost or something like that.