Hi there, @justonwo. Let me join the thread and share additional insights about your inventory report.

QuickBooks Online (QBO) absorbs data depending on what is recorded or added. With your report, the system just reads the value of your inventory sales and purchases.

 I can see the screenshot you've added and find out that your item's quantity on hand is zero, but not the asset value. I understand the importance of getting the correct inventory quantity and value. For now, I suggest reaching out to our QBO Support. This way, they'll be able to review your inventory entries and configure why this happens.

For more tips while handling your inventory reports in the future, you can open the resources from this link: Create and run inventory reports.

If you have follow-up questions about your inventory value, let me know by adding a comment below. I'll keep an eye to help. Keep safe!