Hello there, @nyc1.
QuickBooks Desktop (QDBT) doesn't add inventory value that is entered on a purchase order (PO). Thus, it shows artificial lower value in your inventory.
Once you create a bill or item receipt from the PO, QuickBooks will add it to your inventory value. To learn more about inventory in your QBDT, I recommend checking our Inventory and projects page to learn some best practices in managing your inventory.
You can also check our Help articles page for reference. From there, you can read helpful articles that can guide you in future tasks.
Let me know in the comment section if there's anything else you need help with. I'll be around to assist you. Stay safe and take care!