diff --git a/erpnext/stock/doctype/repost_item_valuation/test_repost_item_valuation.py b/erpnext/stock/doctype/repost_item_valuation/test_repost_item_valuation.py
index 5291b2e4381..85c7372be59 100644
--- a/erpnext/stock/doctype/repost_item_valuation/test_repost_item_valuation.py
+++ b/erpnext/stock/doctype/repost_item_valuation/test_repost_item_valuation.py
@@ -475,6 +475,55 @@ class TestRepostItemValuation(FrappeTestCase, StockTestMixin):
 		# incoming rate after reposting should be 150
 		self.assertSLEs(se, [{"incoming_rate": 150}])
 
+	def test_repost_multi_line_moving_average_return(self):
+		from erpnext.controllers.sales_and_purchase_return import make_return_doc
+
+		item = self.make_item(properties={"valuation_method": "Moving Average"}).name
+		warehouse = "_Test Warehouse - _TC"
+
+		make_purchase_receipt(item_code=item, qty=100, rate=100, warehouse=warehouse)
+
+		pr = make_purchase_receipt(item_code=item, qty=400, rate=200, warehouse=warehouse, do_not_submit=1)
+		for qty in (100, 300, 100):
+			pr.append(
+				"items",
+				{
+					"item_code": item,
+					"warehouse": warehouse,
+					"qty": qty,
+					"received_qty": qty,
+					"rate": 200,
+					"uom": pr.items[0].uom,
+					"conversion_factor": 1.0,
+				},
+			)
+		pr.save()
+		pr.submit()
+
+		return_pr = make_return_doc(pr.doctype, pr.name)
+		return_pr.save()
+		return_pr.submit()
+
+		expected_sles = [
+			{"outgoing_rate": 190.0, "valuation_rate": 190.0, "qty_after_transaction": 600.0},
+			{"outgoing_rate": 190.0, "valuation_rate": 190.0, "qty_after_transaction": 500.0},
+			{"outgoing_rate": 190.0, "valuation_rate": 190.0, "qty_after_transaction": 200.0},
+			{"outgoing_rate": 190.0, "valuation_rate": 190.0, "qty_after_transaction": 100.0},
+		]
+
+		for _ in range(2):
+			riv = frappe.get_doc(
+				doctype="Repost Item Valuation",
+				based_on="Transaction",
+				voucher_type=pr.doctype,
+				voucher_no=pr.name,
+				posting_date=pr.posting_date,
+				posting_time=pr.posting_time,
+			)
+			riv.submit()
+
+			self.assertSLEs(return_pr, expected_sles)
+
 	def test_remove_attached_file(self):
 		item_code = make_item("_Test Remove Attached File Item", properties={"is_stock_item": 1})
 
diff --git a/erpnext/stock/stock_ledger.py b/erpnext/stock/stock_ledger.py
index a2cce420e3a..52ca6418fc1 100644
--- a/erpnext/stock/stock_ledger.py
+++ b/erpnext/stock/stock_ledger.py
@@ -38,7 +38,6 @@ from erpnext.stock.doctype.stock_reservation_entry.stock_reservation_entry impor
 from erpnext.stock.utils import (
 	get_combine_datetime,
 	get_incoming_outgoing_rate_for_cancel,
-	get_incoming_rate,
 	get_or_make_bin,
 	get_serial_nos_data,
 	get_stock_balance,
@@ -1260,23 +1259,7 @@ class update_entries_after:
 					and not sle.get("batch_no")
 					and not sle.get("serial_and_batch_bundle")
 				):
-					rate = get_incoming_rate(
-						{
-							"item_code": sle.item_code,
-							"warehouse": sle.warehouse,
-							"posting_date": sle.posting_date,
-							"posting_time": sle.posting_time,
-							"qty": sle.actual_qty,
-							"serial_no": sle.get("serial_no"),
-							"batch_no": sle.get("batch_no"),
-							"serial_and_batch_bundle": sle.get("serial_and_batch_bundle"),
-							"company": sle.company,
-							"voucher_type": sle.voucher_type,
-							"voucher_no": sle.voucher_no,
-							"allow_zero_valuation": self.allow_zero_rate,
-							"sle": sle.name,
-						}
-					)
+					rate = self.get_moving_average_rate_for_return(sle)
 
 					if not rate and sle.voucher_type in ["Delivery Note", "Sales Invoice"]:
 						rate = get_rate_for_return(
@@ -1344,6 +1327,38 @@ class update_entries_after:
 
 		return rate
 
+	def get_moving_average_rate_for_return(self, sle):
+		"""Rate just before this entry, taken from the in-memory running state so a
+		multi-line return never reads a sibling row of its own voucher."""
+		rate = flt(self.wh_data.valuation_rate)
+		if rate:
+			return rate
+
+		previous_sle = get_previous_sle_of_current_voucher(
+			frappe._dict(
+				item_code=sle.item_code,
+				warehouse=sle.warehouse,
+				posting_date=sle.posting_date,
+				posting_time=sle.posting_time,
+				voucher_no=sle.voucher_no,
+			),
+			exclude_current_voucher=True,
+		)
+
+		rate = previous_sle.get("valuation_rate")
+		if rate is None:
+			rate = get_valuation_rate(
+				sle.item_code,
+				sle.warehouse,
+				sle.voucher_type,
+				sle.voucher_no,
+				self.allow_zero_rate,
+				currency=erpnext.get_company_currency(sle.company),
+				company=sle.company,
+			)
+
+		return flt(rate)
+
 	def update_outgoing_rate_on_transaction(self, sle):
 		"""
 		Update outgoing rate in Stock Entry, Delivery Note, Sales Invoice and Sales Return