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Hi there, @kimb2662.
Let me help you determine how you came up with the number.
You may have purchased items in a lower amount giving you a low average cost. You can get the amount by dividing the total cost of all of your inventories by the number of items. You'll want to follow our guide here on how to calculate it: Understand Inventory Assets and COGS Tracking.
You may also refer to your Inventory Valuation Summary report on how QuickBooks got the item's average cost.
Here's how:
- Select Reports, then select Inventory.
- Select Inventory Valuation Summary.
- Set the dates to All.
- Double-click the item. This opens the Inventory Valuation Detail report.
On the other hand, if it's not calculating correctly, I recommend running the Verify/Rebuild tool. By verifying, QuickBooks will detect any damaged data, and rebuilding will help fix it. It also allows your software to refresh the data inside the company file.
Please come back and post questions if you need help with inventory tracking. We'll be right here every step of the way.