I am very late to this conversation but having the same issue.  I'm struggling to find a report that gives sales & cost for non-inventory items.  I understand how inventory works & how COGS works, however it is necessary to view sales & cost on non-inventory items as well.  It seems like a simple report but just not a quick report in QBO as of now.  I hope with some feedback this will be addressed soon.  I found under reports>bus overview>custom summary report>display rows by product/srv & display columns by income statement might be a report to export to Excel & remove all columns except sales & whatever account the products are expensed in.  This results in four simple columns - product name + income + expense = gross profit (in my case).  Hope you find this report helpful and I hope QBO gives us more reporting for non-inventory products in the near future.