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Hi @homedecobali,
Yes, it is possible to change the cost of a certain product even after placing he order. To do so, please go to the “WooCommerce > Settings > Cost of Goods > Orders” and scroll down to the “Admin order edit” section and set the “Item costs” to “Enable”. Then go to the specific order’s edit page and change the cost of the product from there and click on the “Recalculate” button.
Please give it a try. Let us know if you face any issues.
Kind regards.