@Carl wrote:
...if you have any remaining unsold inventory, the simplest thing to do so you can make the EOY Balance zero, is to just show that remaining inventory as "removed for personal use".
There is no "removed for personal use" on Schedule C. Line 36 on Schedule C is for Purchases less cost of items withdrawn for personal use.
@Rick19744's answer is correct since maintaining an inventory involves taking a physical inventory as of the end of the year and adjusting the valuation. The result will simply be the regular formula for cost of goods sold (Beginning Inventory less Ending Inventory equals cost of goods sold (assuming no purchases)).
It also makes no difference whether or not this is a "SCH C business"; the CGS formula is the same.
