diff --git a/erpnext/controllers/buying_controller.py b/erpnext/controllers/buying_controller.py
index 6ea06aeae1fb..c3501b7549b6 100644
--- a/erpnext/controllers/buying_controller.py
+++ b/erpnext/controllers/buying_controller.py
@@ -503,7 +503,7 @@ def on_submit(self):
 			self.process_fixed_asset()
 			self.update_fixed_asset(field)
 
-		if self.doctype in ['Purchase Order', 'Purchase Receipt']:
+		if self.doctype in ['Purchase Order', 'Purchase Receipt', 'Purchase Invoice']:
 			update_last_purchase_rate(self, is_submit = 1)
 
 	def on_cancel(self):
@@ -512,7 +512,7 @@ def on_cancel(self):
 		if self.get('is_return'):
 			return
 
-		if self.doctype in ['Purchase Order', 'Purchase Receipt']:
+		if self.doctype in ['Purchase Order', 'Purchase Receipt', 'Purchase Invoice']:
 			update_last_purchase_rate(self, is_submit = 0)
 
 		if self.doctype in ['Purchase Receipt', 'Purchase Invoice']:
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index cf4b4be25b97..78b7e60b3725 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -367,4 +367,5 @@ erpnext.patches.v13_0.remove_old_hr_domains
 erpnext.patches.v13_0.release_1_8
 erpnext.patches.v13_0.release_1_9
 erpnext.patches.v13_0.naming_series_subs
-erpnext.patches.v13_0.naming_series_subs_2
\ No newline at end of file
+erpnext.patches.v13_0.naming_series_subs_2
+erpnext.patches.v13_0.update_last_purchase_rate
\ No newline at end of file
diff --git a/erpnext/patches/v13_0/update_last_purchase_rate.py b/erpnext/patches/v13_0/update_last_purchase_rate.py
new file mode 100644
index 000000000000..825a6049e770
--- /dev/null
+++ b/erpnext/patches/v13_0/update_last_purchase_rate.py
@@ -0,0 +1,20 @@
+import frappe
+from frappe.utils import flt
+
+
+def execute():
+	for item in frappe.get_all("Item", pluck="name"):
+		last_purchase_invoice = frappe.db.get_value(
+			"Purchase Invoice Item",
+			{"item_code": item},
+			"name",
+			order_by="creation desc",
+		)
+		last_purchase_rate = None
+		if last_purchase_invoice:
+			d = frappe.get_doc("Purchase Invoice Item", last_purchase_invoice)
+			if flt(d.conversion_factor):
+				last_purchase_rate = flt(d.base_net_rate) / flt(d.conversion_factor)
+		
+		frappe.db.set_value('Item', d.item_code, 'last_purchase_rate', flt(last_purchase_rate))                 
+		frappe.db.commit()
\ No newline at end of file
diff --git a/erpnext/stock/doctype/item/item.py b/erpnext/stock/doctype/item/item.py
index fd87403f98d2..3fa9b4798fb1 100644
--- a/erpnext/stock/doctype/item/item.py
+++ b/erpnext/stock/doctype/item/item.py
@@ -859,7 +859,21 @@ def get_last_purchase_details(item_code, doc_name=None, conversion_rate=1.0):
 		purchase_date = purchase_receipt_date
 
 	else:
-		return frappe._dict()
+		last_purchase_invoice = frappe.db.sql("""\
+		select pi.name, pi.posting_date, pi.posting_time, pi.conversion_rate,
+			pi_item.conversion_factor, pi_item.base_price_list_rate, pi_item.discount_percentage,
+			pi_item.base_rate, pi_item.base_net_rate
+		from `tabPurchase Invoice` pi, `tabPurchase Invoice Item` pi_item
+		where pi.docstatus = 1 and pi_item.item_code = %s and pi.name != %s and
+			pi.name = pi_item.parent
+		order by pi.posting_date desc, pi.posting_time desc, pi.name desc
+		limit 1""", (item_code, cstr(doc_name)), as_dict=1)
+
+		if last_purchase_invoice:
+			last_purchase = last_purchase_invoice[0]
+			purchase_date = getdate(last_purchase.posting_date)
+		else:
+			return frappe._dict()
 
 	conversion_factor = flt(last_purchase.conversion_factor)
 	out = frappe._dict({