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Inventory "As Of" Value incorrect

I updated from 4.10.1 To 4.12 I enabled inventory as of reporting since there was a bug fix on it from 4.10. However looking at the numbers, the value on the report is wrong. I have for instance a simple item freight.

As you can see it has a standard cost of one.which is reflected in the Quantities on hand screen

But if I go back some then it seems the Unit Cost changes?

But it has always had a standard cost of 1. I have other items that have a average cost of 30-40 cents and they end up at like 20 dollars. Is there some way to fix this, or am I misunderstanding things