When you click on "Inventory/Cost of Goods Sold" in the business section of TurboTax, if you report that you have inventory, you will be asked to enter your beginning inventory and end of year inventory.
Your ending inventory will carry over as your beginning inventory for next year. The value of your ending inventory will be subtracted from the cost of your purchases in the current year and the beginning inventory will be added to your cost of purchases.
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