Is there a way to update the Item List Price with the Last Purchase Price

Summary:

We are reviewing the List Price in the Purchasing specification of the Item Master. First question is this List Price being updated by the system or it needs manual update? The second question, if it is a manual update, is it possible to update the List Price with Last Purchase Price?

Content (please ensure you mask any confidential information):

Version (include the version you are using, if applicable):

24C

Code Snippet (add any code snippets that support your topic, if applicable):