ITEM function cannot be used on composite lists with Summary of "Formula"

ITEM function cannot be used on composite lists with Summary of "Formula"

To reproduce:
1. Create a parent list and a composite child list.
2. Create a module with 1 line item with formula "ITEM(Child List)" and list formatted to "Child List". Applies To should be "Child List".
3. Change Summary to "Formula", the following error is shown:

The formula for 'mod1'.'item1' is invalid:

'item1' = ITEM(Child List)

'item1' does not apply to Child List

('item1' applies to Child List)

**Note the error says the line item does not apply to the list, even though it does!
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