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AX 2012 R3 CU8 Inventory Aging questions

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Hello, we recently went live on AX and now several months later we are seeing strange things with the IM > Inventory aging report.  I have a few questions:

Using the "As on date" parameter, the result I expected was being able to generate an aging report as of that date.  For example, the report would show what my on-hand inventory count was as of that date, as well as the aging state.  Is this actually the intended function of this parameter?  When we run the aging for prior dates, the "on hand" number is always the current number.

Can anyone advise on where specifically the data for this report is being drawn?  In our environment, the report is putting a large amount of inventory in the 120+ bucket (erroneously) and we're trying to understand why.

Unfortunately we are in the midst of an audit, the auditors want to see our aging as of certain dates, and expect our transaction history to match up.  Thanks in advance for any info!


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