Theoretically, yes. You make a journal entry to the asset GL account and an expense account under your cost of goods. We use our "Absorbed Labor & Burden" account. SInce you should also compare the IN-F report to the corresponding GL accounts, we just run UT-K-G first and then go to IN-F and compare to GL.
 
You may want to see the thread entitled balance sheet vs. inventory value as well.