There are several reports in inventory that should be used on a regular basis. Most of them are fairly self explanatory, but a few of them should be explained in further detail. One of these reports is the Inventory Valuation report. This report calculates the quantities and value of each inventory item on any given date. However, to make sure this report is completely accurate, you should perform a count and any adjustments you need to before running the report, and sales should be imported through the current date. Once this report is run, you can add in purchases through the Inventory Purchase History report, then run the Inventory Valuation report again for the current date to determine your cost of goods during that time period.
Another report of note is Inventory Totals. The purpose of this report is to determine the total cost of each adjustment (shrinkage, spoilage, waste, overage, trim and sales) and compare those totals to your sales revenue. The cost of each adjustment is then calculated as a percentage of revenue with a total at the bottom. This report can help determine where your major costs lie, which can then be examined in more detail in the specific shrinkage, spoilage or waste reports.
Some of the other more specific reports are detailed in the Analyzing Shortages section, and detail their usage and purpose.