Hello Susan:
Actually you can reduce the Actual Cost without reducing the Quantity.
Look at the ICIADJ.xls file in the \Softrak\ICWIN\SAMDATA folder. To reduce just the cost, you would enter 0 for the "Stock Qty" column and a negative figure for the "Ext Cost" column. This results in a transaction where "Type" = "Cost decrease".
As suggested earlier, I would test this in Sample data first.