Thank you for joining this thread, @JMorrow.
I can share some insights about the accounts in QuickBooks Desktop.
The COGS (Cost of Good Sold) account is used to track the cost associated with your business. This includes the cost of inventory, raw materials, freight charges and any labor cost that you incurred to finish the product. On the other hand, you'll use the Inventory asset when tracking the current value of your inventory.
For in-depth information, you can check the Understand QuickBooks Chart of Accounts article.
Meanwhile, you can assign an expense account to the item if you want to track the expenses. I'll show you how:
For additional reference, you can check this link: Add, edit, and delete items.
Please let me know how it goes or if you have any follow-up questions. I'll be here if you need further assistance. Have a good one.