Convert existing Expense items to Inventory items and vice versa

We have a bunch of items that were defined as Expense items. Our business wants to track the inventory movements and onhand for these items. It is recommended to change the item attributes to make it inventory-asset item? On a broad scale, our business does the below transactions for inventory asset items.

BPA, PR and PO with Sourcing rules.

Replenishment Planning (Supply chain planning)

Inventory Transactions (Misc receipt/issues, Movement Requests)

PO Receipt and RTV

Cost Adjustments (Business uses 'Perpetual Average Costing method')

On similar lines, business has inventory asset items as well that they want to be change into Expense items.