Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
alecial81
New Member

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

 
1 Best answer

Accepted Solutions
CynthiaR
New Member

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Cost of Purchases under Costs of Goods Sold would include all costs associated with purchasing the items for sale such as cost, sales tax, and freight (whatever it costs you to buy the items).

View solution in original post

1 Reply
CynthiaR
New Member

For "Cost of Purchases" under "Inventory/Cost of Goods Sold", do I include the tax and shipping that I paid for the items I keep in my inventory for direct sales?

Cost of Purchases under Costs of Goods Sold would include all costs associated with purchasing the items for sale such as cost, sales tax, and freight (whatever it costs you to buy the items).

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v