Sorry to be so slow, but I am still trying to figure out how to deal with inventory as an asset.  I sell wine.  I buy a container of wine at a time.  I pay a price for that wine that I had been registering as a COGS.  But the value of the asset that I own the moment I buy it is actually the price at which I will sell it--not the price I paid for it.  If there is a way I can assign that value somewhere, then as I sell the wine I can subtract, thereby decreasing the value of the asset.  I am definitely not a financial person, but that logic makes sense to me.  First--is it correct?  Then second, if so, how do I properly record everything in QB?  

Thanks!