QB Issue Resolution:

You have to actually purchase some of the item in order to have a cost of goods sold for it.  Or enter an opening balance inventory adjustment.  Either way the key is that you need to establish an actual cost and inventory balance in order for a sale to include COGS and and inventory asset reduction (two values that balance each other.)

Resolution for Issue 'How do you enter the cost for a new inventory item?' available: Yes (Solved).
Source: Intuit Community forum.

How do you enter the cost for a new inventory item?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for balance inventory
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Error Recovery for balance inventory [Canada]
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