I figured out how to print the inventory list but it does not include the exact location of each product.

Go to WAREHOUSE > PHYSICAL INVENTORIES > click the "CREATE" button > enter a name for the report in the "INVENTORY REFERENCE BOX" > select the "FILL INVENTORY BUTTON" > In the new window that pops up verify the location and check the box next to "INCLUDE CHILDREN" > click the "FILL INVENTORY BUTTON"

This set of actions worked to provide a full inventory list for me however I do not understand the optional steps to be taken afterward.

1. From the Inventory App, choose the Inventory Report:

2.  Switch to PIVOT view:

3. Download and Print via Excel:

Note: You can adjust the PIVOT view filters and table structure in the second step to show exactly what you need.