Should be able to display list of products, current qty, ADD, new qty. Then there should be a save button.
 
We should be able to pull a report, based on re-order level, specified at the product level.
 

Yeah. But that's the issue with most shopping cart solutions. They grow from the shopping cart perspective. And that's of course what they are really good at. But if you have more wishes on the inventory management side you might want to look at solutions that grow from an inventory management perspective and add shopping cart features. These solutions add more back-end features similar to more advanced ERP systems. Examples are NetSuite or YBO inventory management

Well, considering that the cart is strong in being a 'COMPLETE SOLUTION' (ie having helpdesk, articles, etc), it seems feesible that it would also have an inventory system.