What do I write for the explanation of: Other Inventory Valuation Method? It is in the Schedule C.

[Cindy0H]

How do you do inventory?

Most businesses value their inventory using the cost method; that is, the amount they actually paid for the goods at wholesale. Other options include the "lower of cost or market" method.

You may want to go back and see if one of the methods mentioned in the prior pages is how you do inventory. This is a really good article on alternative ways to do an inventory:

https://quickbooks.intuit.com/ca/resources/inventory/inventory-valuation-an-overview-of-costing-meth...

NOTE: Unless you get prior approval from the IRS,  you must use the same method to account for your inventory from year to year.

If you have other questions about this, please ask in the comment box below.