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


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.


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

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