Is it possible to get a report showing composition of inventory on balance sheet?

Let me begin that process with you, @ram11_2. We can run a Balance Sheet Detail report if you want to view the item information within QuickBooks Online.

When you need to view your inventory in-stock items with corresponding balances per account, we can pull up a Balance Sheet Detail. This report will show the item information like beginning balance, item name, description, associated accounts, and when is the item created. If this is the item you require, I'd be happy to share the steps below:

1. Go to the Reports on the left pane.
2. On the Search bar, find the Balance Sheet Detail.
3. Once done, you can click the Customize button to allow QuickBooks to show the specific information you need. 
4. Then, click the Run Report.

If you need to know more insights about the Inventory Valuation report, see this page: Balance Sheet and Inventory/Stock Valuation reports different amounts for Inventory Asset account.

Keep me posted if you need additional assistance on handling your inventories within QBO. I'm always ready to support you.