@KarenM90 wrote:
Yes, be sure to enter the Cost of Inventory for BOY and EOY, you don't need to enter COGS.
TurboTax will the information you entered, along with your Inventory Purchases for the year to determine your Cost of Goods Sold.
The Calculation is:
Beginning Inventory + Purchases (and other direct costs ... labor, etc) - Ending Inventory = COGS
So you won't need to enter COGS, it will be calculated based on your answers related to purchases and other direct costs.
Thank you! So when it asks for Purchases Etc, that's where I would enter the TOTAL amount I spent for inventory that year?
So if I started with $0, purchased $10k, sold $2k of that, and have $8k left in inventory, the $10k would go in that spot that says Cost of Purchases?
