IN Receipt unit cost issue and how to fix?

Hello,    

 I’ve met a case, to make it easier to understand, below are the simple example:

Item A has 2 UOMs, which is  1 Case = 50 lb, lb is the base uom and case is the sales and purchase uom.

We purchased ItemA  at $50 per case, however , at that time someone forgot to put the conversion rate on item, so the IN Receipt records the item was receipted at $50 per lb. Which is wrong, should be $1 per lb.

We paid vendor at $1 per lb (cost on bill) and sold to customer at $2 per lb, which are both correct.  

   However, as the internal profit analysis, this item shows highly negative profit, It shows every case we sold ($100), we are loosing (100-50*50) $2400, which is not true.    

 I already did IN Adjustment to correct the average cost of the item, from $50 to $1 per lb. The afterwards sales would get correct profit.      

However, we have already sold a lot of the items on a lot of invoices, and these invoices have been closed.      

We do not care too much on the profit analysis on single invoice, because we know it is not true. But we need help on:    

1, Will the above case influence on finacial statement, like P&L and balance sheet?    

2, If the answer is yes, how shall we fix it. Please advise.