upon repair work create a new item number to transfer inventory and new cost

Summary:

When rework (Repairing customer returned products and changing them to B-grade products, etc.) is performed on the original product in the warehouse, we would need to create a new item with new cost .

Is there any function in fusion which can achieve this. Please note we are not using Manufacturing ( repair work itslef is done outside of oracle ). we are using only OM, Inventory modules.

I can see one option is to create a new item manually and maintain item cost manually.

and transfer Misc Issue and Misc Receipt transactions manually with proper accounting. Is there any other way.