$5,055 in inventory purchases less cost of goods sold of $2,147 results in ending inventory of $2,908.
Try these entries to report inventory in TurboTax Desktop Home & Business,
- Go to Business / Business Income and Expenses / I'll choose what I work on / Business income and expenses / Profit or loss from business.
- Click Start / Update to the right.
- Click Edit to the right of the activity.
- At the screen Your Business, scroll down to Inventory / Cost of Goods Sold.
- Click Start / Update to the right of Inventory and Cost of Goods Sold.
- Click Yes at the screen Do you have inventory to report?
- Enter $0 for beginning inventory at the screen Let's get the value of your inventory.
- Enter $2,908 for ending inventory at the screen Let's get the value of your inventory.
- Enter $5,055 for Cost of Purchases at the screen Let's get the costs of your goods.
- At the screen OK, Here is your business gross profit, do you see a report of cost of goods sold of 2,147?
At the screen Did you use the cost method to value inventory, what did you answer? Did your answer change the screens listed?
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