MinhT1
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

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

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post