Business & farm

If you want to calculate cost of goods sold using inventory, in TurboTax Home & Business, enter your beginning and ending inventory using these steps:

1. Click the Business tab
2. Click Business Income and Expenses at the top
3. Click I'll choose what I work on
4. The screen "Let's gather your business info" appears.
5. Click Start or Update next to Profit or Loss from Business
6. Click Edit next to the name of your business
7. Click Start or Update next to Inventory and Cost of Goods Sold
8. Click Yes for Do you have inventory to report?
9. Click Yes for Cost method or check the box for another valuation method
10. The next screen is where you enter your inventory. See screenshot below:

If you are not using inventory, you would just enter the cost items as expenses.