pk
Level 15
Level 15

Get your taxes done using TurboTax

@polestol  if this your first year, then as of Jan 1 your inventory was zero, then as of 12/31/2025 your residual inventory was say $XXX.  You bought  Inventory  $YYY.  Thus  your COGS should be  $YYY LESS  $XXX.    TurboTax will compute COGS from your entries.

 

Does this make sense ?