This method is used by the majority of OE users for the reason stated.

The accounting issues include using the most current price on record in IC, which may not be the new price not yet received in PO. Depending upon the setting in PO any cost adjustment will either go to the remaining stock or to COGS.

When setting up new items make sure you setup a most recent cost or $0.00 will be used if the item is sold before the receipt is posted.