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Get your taxes done using TurboTax
@tommy8849 wrote:
It asked enter cost of purchases I entered only the cost that I sold. Where should I have entered the total cost?
That is actually the key; you should have entered the total cost of your purchases in "Cost of Purchases".
The formula is actually very simple:
Beginning Inventory PLUS Cost of Purchases MINUS Ending Inventory EQUALS Cost of Goods Sold.
‎February 17, 2020
6:45 PM
7,440 Views