No, you can't pay yourself for the item since you and the business are one entity. You do have a basis in the item. A sch C personal return means you would contribute the property to the business inventory. The basis for the property contributed is the lower of Fair Market Value (FMV) or your basis (what you paid for the item). Keep careful records to validate your numbers. This is not to be confused with the fact that you can pay yourself- that is- withdraw money out of your owner equity in the business.
As you sell items for a profit, you will have income. This income will have income tax and eventually self-employment tax. Self-Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.
As your income increases, you may need to make estimated payments for the income tax and SE tax on your business.
Additional information:
About Form 1040-ES, Estimated Tax for Individuals
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