MySQL:- Join two SELECT queries including join and aliases also
It would be better to simplify the query without nested levels of subqueries. You already have as simple table (t1) joined to a derived table (t2). Join them further to the other query2 as a derived table (lets call it t3 in lack of a better name):

SELECT 
    t1.*, 

    t2.received_quantity,
    t2.ordered_quantity,
    t2.unit_cost,

    t3.open_quantity
FROM 
        item_master AS t1
    INNER JOIN
        (
        SELECT item_master_id,
           SUM(received_quantity) AS received_quantity,
           SUM(ordered_quantity)  AS ordered_quantity,
           SUM(unit_cost)         AS unit_cost
        FROM material_line_item
        GROUP BY item_master_id
        ) AS t2
    ON t1.id = t2.item_master_id

    INNER JOIN
        (
        SELECT item_master_id,
               SUM(open_quantity) AS open_quantity
        FROM closed_stock
        GROUP BY item_master_id
        ) AS t3
    ON t1.id = t3.item_master_id ;


If there are items in the item_master table that don't appear in one or both the other two tables, you might want to change these INNER joins to LEFT joins.