@LoriWolfe, there are Sales Profitability reports that show the sold amount of an item on a sales order. (This looks at the actual cost incurred during the sale using the proper tables) 

Then you could use the Inventory Valuation report to see the cost of the current inventory or even the historical inventory valuation report to see inventory value as of a certain period. 

It would also be conceivable to create a query that shows an inventory’s current valuation and the amount sold using the inventory transaction tables and inventory status tables.  

Items in stock and on a sales order are considered sold and items in stock but not on a sales order are unsold.

@LoriWolfe , only items that are invoiced are shown on the sales profitability report. They will not show unless it is invoiced. (Looks at ARTran table) So this report should only show those items that are sold and shipped. Not just booked. Items entered on a sales order are just marked as booked but not sold until you ship and invoice them. 

Hi @LoriWolfe 

Inventory balance report (IN615000) gives the On hand v/s allocated quantity. Does not reflect the cost in a format you would want. Inventory valuation report  (IN615500) gives value of total inventory, modifying this to exclude or reflect allocated inventory separately may help. So, you may explore customizing one of these report to get required information. 

Regards,