Possibility of Item price change affecting already costed transactions

After an item is costed, can the price of the item be changed and the price change would affect the already costed transaction?

I have created the cost accounting distribution of these items and also created accounting. It was after these process i realized that the COGS is understated. I discovered that the items are missing a layer of cost. I want to be able to add this layer of cost and do the costing again. The question now is, would the items already costed before be costed again? How can this be achieved?