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Why my Cost of Goods Sold is limited to $2933?
My Cost of Purchase is $25109, but when I submit it the Cost of Goods Sold only shows $2933. This increases my gross profit drastically. Can you please advice?
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June 4, 2019
2:16 PM
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Get your taxes done using TurboTax
The ending inventory is what determines how much gets sent to COGS.
So Beginning inventory
plus purchases
less ending inventory
= COGS
June 4, 2019
2:16 PM
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Get your taxes done using TurboTax
Thank you. That was the issue. It seemed like it didn't ask me for the End of Year Inventory first time around.
June 4, 2019
2:16 PM