Thank you for the quick response, @LDR3.
Yes, there is a way to see the total cost of an item when pulling up a report in QuickBooks. You'll just need to include the amount of the cost when creating your inventory item. If you've already created one, you can still edit the item.
Here's how to successfully track inventory:
- Make sure to fill in the details in the item.
- You can add a class by clicking the drop-down arrow for the Class field.
- Choose an Inventory asset account.
- Make sure to include Sales price/rate and Cost amount.
- Click Save and close once done.

Then, pull up the Product/Service List report to track your inventory cost.

That should do it. Please let me know if you have other questions about tracking inventory. I'm just here if you need help.