Hello,
I have a schedule c for eCommerce business. So under inventory / cost of goods > it asks for beginning and ending of value. Next screen it asks for costs of goods.
Beginning value of inventory: $0. I started my business early last year. I did not have anything. I put $0
Ending value of inventory: $4500. As of Dec 31 2019, I had unsold goods. So I valued them at a retail price(how much I would sell those for)
Costs of goods: I am not sure what it is asking here. Is it asking to enter how much was total cost of the goods that left as of Dec 31 2019 or is it asking me cost for all the goods that I purchased in year 2019?
Please advise!
