Thank you for reaching out in the Community. I'll be glad to help you with adding the product cost price. It's very easy add the products' cost, you can simply go to the Products and Services window. The cost is the amount you pay for. Let me show you how:
Select Sales.
Select Products and Services.
Locate for the products from the result, then under Action click Edit.
Scroll down at the bottom of the page, then add the cost of the product/item under the Cost section.
Select Save and close.
However, Inventory items are only available in QBO Plus and the new QBO Advanced.