QB Issue Resolution:

when you purchase an item, you have to use that item on the item tab of the purchase, either enter bills, write checks or enter credit card charges – are you doing that?

Resolution for Issue 'Item Profitability Report Shows “0” for Actual Cost amount for ALL my items.' available: Yes (Solved).
Source: Intuit Community forum.

Item Profitability Report Shows “0” for Actual Cost amount for ALL my items.: 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.

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