No, you are correct, your business inventory costs have nothing to do with the itemized or standard deduction.
Itemized deductions are generally mortgage interest, taxes, and charitable contributions, along with a few others.
Your inventory costs won't show up in your expenses because for tax purposes they are not "costs" until you sell them. Inventory is considered an asset. Other assets of your business are cash, equipment, furniture, etc.
Whatever portion of your inventory that you sold will show up as Cost of Goods Sold. The part that you have that has not been sold, will not.
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