Deductions & credits

So, to clarify, are you saying that, if I bought supplies in 2023 specifically used to create the artwork sold in 2023, that amount should go in the Inventory section? Or do all the supplies bought in 2023 used to create all 2023 work (sold and unsold), go in the Inventory section (so my inventory isn't really about the prior year in my case because it's a new business)?

 

Do all other new supplies (like paint, brushes) go in materials/supplies?