Hi Ed,
If you look at the information stored in the Item History file, you'll see that only changes to actual cost are recorded there. We do not store changes to Standard Cost or Most Recent Cost or the price changes. We have no way of knowing what the most recent cost was on the date you select, when it is in the past.
This report is designed to allow you to print a report where the cost of inventory will agree to the number in the general ledger, if you forgot to print your item valuation report at month end. The number is calculated by backing out the historical transactions from the current numbers stored with the inventory item.
Why would the other columns be useful?
PS - This capability did not exist at all in ACCPAC Plus.
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Andrew Bates