Hello,
From experience I found you can separate by making the pallet markup to a negative percentage number which would in effect reduce your hourly cost on the total.
Also as for inventory you could just have separate wood for pallets for example name the 1 x 4 x 48" precuts to (1x4x4P) So when you build a pallet you could choose that particular item in inventory or have it default in your Preferences under Construction/Pallets.
Support Team
Separate hourly cost and sell rate fields for pallets. And separate material markup fields for inventory on pallets.