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.