Currently, how the transactions behave against each product status (ITMSTA) seems to be hardcoded, and not being flexible. The suggestion is the make it into a editable list similar to misc tables, and customer can easily add/remove different statuses. Under each status, additional flags can be added so the users can have the ability to determine how each status would impact the transactions.
For example, to add a new status, the user would provide a status code, and under that code, they would determine "Sales Order (Yes/No/Warning)", "Purchase Order (Yes/No/Warning), "Work Order (Yes/No/Warning)", and "Work Order Consumption (Yes/No/Warning)" etc
Instead of forcing to choose from a handful for pre-set product statuses, this would add so much flexibility to the product status functionality