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Get your taxes done using TurboTax
The only things it lets me enter in Inventory are:
1) Whether I'm using the cost method (yes)
2) Ending inventory
Then, Cost of Goods:
1) Cost of Purchases (same amount as ending inventory, as the income and expenses for sold product were already logged in other sections)
2) Purchases withdrawn for personal use (none, as I paid for them out-right)
3) Labor (none)
4) Materials (none)
5) Other costs to prepare for sales (none)
I hit continue, and it brings me back to the Income and Expenses page where the different categories are there showing EDIT, except Inventory still shows START and Not Started.
I think what you're saying is that even though the sold inventory is already part of income and expenses, it also is included in Puchases on the COGS page? I guess my personal Purchases would really belong there too. I was looking at the inventory/COGS page as just somewhere to log what was left at year end.