Is there a way to create default cost profiles for an item without using a costing category?

Summary:

Is there a way to create default cost profiles for an item without using a costing category? The client needs weighted average cost method for raw material items and standard cost for manufactured items. Can we use the 'user item type' field or other fields (including DFFs) from the PIM (item master) work area to create cost profiles? Is there an existing API functionality to do this?

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