This matters more than it sounds. A cost typed in wrong does not just misstate one purchase; it flows into every margin figure for that product since, and into any decision you made on the strength of those figures. Correcting forward leaves you with a report that is half wrong and no marker showing where.
The usual trigger is someone noticing a gross margin that looks impossibly good. Before assuming a data error, check one thing first: whether a tax-inclusive price was entered into a tax-exclusive field. That single mistake inflates margin on every affected line and accounts for most of the "our margins look amazing" cases we are asked about.
Recalculation changes historic numbers, which is correct but worth telling your accountant about before you run it, particularly if a period has already been reported.