So are you saying that I have to enter the purchase price manually every time? I do drop-shipping, so the items are "pass-through" but they also have a standard price. I'd rather not have to manually enter my cost every time I send a PO to my supplier.
Cogs is only calculated in the way you're expecting for inventory items.
For pass-thru non inventory items, the cost is recognized as you purchase the item, by including it on a purchase transaction such as a bill or check or credit card charge, depending on how you paid for the item.
Or should I pretend my drop-ship items are inventory items? This would be backwards though, since they'd be coming out of inventory (when they are sold) before they are "purchased" by me (PO sent to my vendor.)