Average Cost update due to IPV for expense item

Summary:

When we define an expense item within Inventory wherein the Item = Stockable, Asset Flag = N, and Costing = Y. We want to ensure that when there is an IPV for this item the IPV is reflected in the average cost of the item. So my questions are as below:

1. Can we have average costing enabled for Stockable Expense items
2. Will the IPV reflect on the average cost of this expense item
3. Assume since item is not flagged as Asset, this will not be treated as current asset on the balance sheet?
4. Can we still have inventory valuation for expense item