yes you can just dont install anything in the beginning. then just install 
module that is needed for the inventory. from what country are you specific?
openerp has a problem in accounting of inventory when your accounting is base 
on anglo-saxon. and they are still fixing that. if you have normandy then its 
very fine.. 

as for your question i think you just want to know the exact inventory and its 
value.. and not the cogs. right??? if thats the case then you are in the right 
track to used openerp. Just a hint "if you want to know the value just look in 
the location warehouse. you can see there the value". 

sad to say i still cannot used openerp due to its accounting problem in 
anglo-saxon. i like it very much its almost like SAP. easy to understand and 
customize. im in the philippines and SAP is very expensive. and we used the 
anglo-saxon type of accounting here.




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http://www.openobject.com/forum/viewtopic.php?p=59147#59147

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