When creating or editing an item with a Sales Price/Rate contaning cents (example: $1.80), the item is saved with a Sales Price/Rate that is rounded down to the nearest whole dollar.
This is caused by a setting within the Language & Text System Preference, in which the comma symbol (,) has replaced the decimal point symbol (.) as the indicator for decimal places.
To correct this:
The Item Sales Price/Rate can now be edited and saved to reflect both dollars and cents.