Hi there, @MMAF.

I'm here to share details about updating item prices in QuickBooks Online.  

Yes, it also impacts your financial reporting every time you change the cost and price of an item. QuickBooks automatically tracks inventory records and adjustments accordingly. 

Here's an article on how FIFO works in QuickBooks Online. It also includes scenarios to understand the First In, First Out concept: What is FIFO?

Alternatively, to gain more information about the items you buy and sell and the status of your inventory. This article will show you which reports you need to run: Use reports to see your sales and inventory status.

Don't forget to mention my name if you need help with your inventory reports. I'd be right back. Have a great day.