When entering inventory and deducting it as a supply, do I have to individually list every transaction?

[succulentstrong]

or can I simply total up my supplies costs into one total?

[VolvoGirl]

You can enter the total.  Only the total goes to schedule C.  Just make sure to have a backup of the supporting details if the IRS ever asks to see the details.

[AmeliesUncle]

Just to clarify ... "entering inventory" is one method, and if you qualify, "deducting it as a supply" is a different method.  DON'T do both.

[Carl]

If you are using the COGS section to report and track inventory, then you report "NOTHI(NG" concerning that inventory anywhere else - especially not as a supply expense. Otherwise, your inventory balance never goes down and will have a serious issue in the future when you sell, close or otherwise dispose of your business. By "serious" I mean *VERY* *EXPENSIVE*.