Yes, you will enter your beginning inventory for 2024. This will be asked of you when you prepare your Form Schedule C under Cost of Goods Sold.
If your business produces income by manufacturing, selling, or purchasing goods, you can deduct some of your expenses in the Cost of Goods Sold section of your Schedule C. In order to complete this section, you will need to input your beginning and ending inventory amounts.
In general, companies that make and sell products or buy and resell its purchases calculate their cost of goods sold.
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