Is it possible to not report an inventory and only list the COG expense under materials and supplies as I have read?
Sure can.
Also, can I amend my previous years of returns and possibly recoup some of that tax money I spent by reporting my inventory?
wouldn't recommend that. Just sell the remaining inventory you presently have reported in the COGS section. Any new inventory you get you can expense as materials and supplies. Once the inventory in COGS is sold that will make your EOY Inventory Balance $0 for your 2020 tax return, and that would make 2020 the last year you utilize COGS.
In the long run though, you'll find it makes no difference in your taxes over time. I myself prefer to use COGS because it does make the tracking and math a whole lot simpler. Simplicity comes in handy if you ever get audited.
