JamesG1
Employee Tax Expert

Get your taxes done using TurboTax

Cost of goods sold or cost of sales is an expense category reported in self-employment activities that report an Inventory value as an asset on the activity balance sheet.  Cost of sales is computed as follows: 

  • Beginning inventory  +
  • Purchases -
  • Ending inventory =
  • Cost of sales

I have an old version of QuickBooks desktop which has Cost of Sales in the standing account structure where it can quickly be activated.

 

 

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