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Do supplies used to fix up a house that is going to be sold and was bought with my business , count as inventory?

My business is fixing up houses , remodeling, and re-sale the house. DO the supplies I used to fix up the house count as inventory?
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JamesG1
Expert Alumni

Do supplies used to fix up a house that is going to be sold and was bought with my business , count as inventory?

I would think the items that you mention would be reported as Supplies or Tools and not Inventory.

 

A business that purchases, produces or sells merchandise to generate income maintains those items in Inventory and generates a Cost of Goods Sold.

 

See here.

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