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Say someone entered in the wrong landed cost on an inbound shipment that has been fully received, how do we rectify the incorrect landed cost as it affects our average cost of the products?

from what I've found, the only option is to delete the receipt, fix the landed cost, and re-receive

I advise people not to put landed cost on the inbound shipment for this reason.  I make saved searches and tell people its better to spend the minute in excel to figure out the landed cost per receipt than to have to deal with this

receive the shipment, then go to the receipts and put in landed cost

Ouch, it was received a month ago and probably already has most items sold.

Reversing that will be way too much of a hassle, that is the only option?

i guess an inventory worksheet and probably a JE to hit the right expense accounts...also sounds ugly.  Nothing I know unfortunately.