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Closing Inventory Period

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In NAV 2013R2, client has just set up inventory periods and is trying to close the first one. There is one error preventing closing. "The item has entries in the period that have not been adjusted. There are no open ledger entries and the adjust cost - item entries has been run multiple times to no avail. The item is obsolete and has not had any transactions since early in the prior fiscal year, but that year is not closed yet so I can't just delete the item. Everything I've found says to run the adjust cost, but that just isn't doing it. Any ideas are much appreciated.

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