How to set cost of goods on the product

To set the cost of goods, you have many options. For simple products, you can set the cost easily on the Product Edit page below the price.

Cost of good in simple product
Cost of good in simple product

For variable products, you will be able to add the main cost to all variations or individually cost per each variation.

Cost of goods for variation

Besides the Reports (read more about them here), the cost of your products will be available in the Orders details, both for each single product and for the entire order, just below the Order totals.

Cost of Goods in the order totals