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Self employed
You do not need to keep track of your inventory for each job. To calculate Cost of Goods Sold, you enter your materials as Purchases.
You need to count and value your inventory at cost at the beginning of the year and again at the end of the year.
The formula for Cost of Goods Sold (COGS) is:
Beginning Inventory + Purchases - Ending Inventory
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‎April 12, 2023
12:38 PM