There is no standard “COS” report you can run in new QuickBooks. But, you can customize standard P&L report and get the same results.
To customize P&L and get COS (referred to Costs of Good Sold in QBO):
From the home page screen
- Go to the blue navigation bar on the left
- Select Reports
- Go to report (magnifying glass) and type Profit and Loss
- Select “Profit and Loss” from the drop down selection
- Select “Customize” button
- Go to “Lists”
- GO to “Distribution Account” and select “All Cost of Goods Sold Accounts”
- Select Run Report button
If you need “DETAIL” behind those summary numbers, click amount from the “Total Cost of Goods Sold” line.