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Welcome back to the Community, @GrandpaG.
I appreciate you providing a screenshot. I'm here to share some information about the automatic update of the cost of goods from the bill of materials in QuickBooks Desktop (QBDT).
Yes, there is a way! All you need to do is select Use Total BOM cost on the drop-down. However, this option is only available in QBDT Enterprise versions, and you might have been using a different version that's why it's greyed out on your end (base on your screenshot). If that's the case, you need to manually update it as a workaround.
I also added some sample screenshots below for your guide.
On the Enterprise version:
On the other QuickBooks Desktop versions:
This should answer your concern for today. For future reference, you can check out this article or click the What is this cost? link for more information.
Please let me know how it goes or if I can be of additional assistance. I'll be here should you have any follow-up questions. Have a great rest of the day!