Tracking costs for Non-Inventory Purchased items and Non-Inventory items for purchase and resale

Is the "purchase price" field for a non-inventory purchased item automatically updated for the last PO cost or AP invoiced cost where that item was used in a PO with a receipt and bill against it? As a necessary condition of being able to do a receipt and accrual, the "Can be fulfilled/received" preference is checked. You would want to do this in general to help you manage procurement of supplies you do not inventory,, but still want to manage costwise. You might also want to do this for inputs to production that you want to break out separately