Yes, that is exactly where it is recorded. You would begin with zero inventory if you began in 2017.
Follow the
instructions below to enter "Cost of Goods Sold":
1. Click on the Business tab and then click on the
blue Continue button.
2. That will take
you a screen that asks How do you want to
work on your business income? Select I'll choose what I work on.
3. On the Let's gather your business info screen
you'll see Business Income and Expenses.
Click on either Update or Start, to the right.
4. The next screen
will be Here's the business info we have so
far. If you have been here before you can just select Edit.
5. On the next
screen Inventory/Cost of Goods Sold is
the third one down. Select Update.
