I feel that the items should be recorded at the original cost, any other way to do it would be considered price gouging. That's illegal;

Documentation matters a lot.

All items are recorded at the original cost, i.e. the cost at which they were acquired.

proper documentation matter most in accounting

Historical Cost All items are recorded at the original cost, i.e. the cost at which they were acquired. Property owned by the business is shown at the higher market value rather than for the amount at which it was originally acquired.

Accounting -> Accounting Principles: Historical Cost Historical Cost All items are recorded at the original cost, i.e. the cost at which they were acquired. Breach: Property owned by the business is shown at the higher market value rather than for the amount at which it was originally acquired.

As per accounting practice, historical cost/original cost is to be recorded in the books of accounts which may not be acceptable some times since existing value may be different.

historical past tense, make sense

What means historical cost in accounting?

Good