Can "Freight out" be a part of Cost Of Goods Sold and not an expense?
I have seen conflicting information. If it is an expense, and not a part of "cost of goods sold", where is it included on form 1065. We are a multi-member LLC taxed as a partnership.
01741
1 Best answer
Anonymous_
Level 15
Jan 21, 2023 7:40:38 AM
Freight-in is typically included in the Cost of Goods Sold while freight-out is typically an expense (which can be included as Other deductions on Line 20).
1 Replies
Anonymous_
Level 15
Jan 21, 2023 7:40:38 AM
Freight-in is typically included in the Cost of Goods Sold while freight-out is typically an expense (which can be included as Other deductions on Line 20).