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In Magento how to do you set the cost of an item in the product?

For example all the e-commerce platforms I have been working with like Volusion have a cost of item field that allows you to input how much you pay for the actual item before you sell it. I saw several post of COGS but it refers to a more complicated feature than what I am looking for.

I just want to track how much I paid for the item and how much I sold it for, the difference it the profit and be able to put it into a report.

It should be a pretty standard out of the box solution for e-commerce but have some what a challenge to get it done in Magento

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Create any attribute like Cost and assign it to the attribute set to which products belongs.you can assign this attribute to attribute set from Catalog > Attributes > Manage Attribute Set now for all products you can set this your cost value like you set your product price.

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Check in the attribute sets- make sure the “cost” attribute is assigned to the current attribute set

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