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Business & farm
Your beginning inventory is what you paid (cost) for it when you bought the business, unless you already had a going concern and are adding to existing inventory. Otherwise, it would be $21,283 and that would not be a start-up cost.
The COGS formula is simple: Beginning inventory + Purchases - Ending inventory = Cost of Goods Sold. TurboTax will return the correct figures provided you input the individual components correctly.
‎October 5, 2022
3:16 PM