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It depends but you include the taxes that you paid to purchase an item of inventory as part of the cost of that inventory.
So for example, if you purchase item XXX for $35 and paid $3.50 in taxes on the purchase, then your cost of item XXX would be $38.50 and this would be the amount to book as your inventory cost for item XXX.
It depends but you include the taxes that you paid to purchase an item of inventory as part of the cost of that inventory.
So for example, if you purchase item XXX for $35 and paid $3.50 in taxes on the purchase, then your cost of item XXX would be $38.50 and this would be the amount to book as your inventory cost for item XXX.
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