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New Member
posted Jul 8, 2020 9:58:12 AM

Cost of goods sold

Where would I enter the cost of goods sold when I don't have inventory?

0 2 345
2 Replies
Not applicable
Jul 8, 2020 10:03:25 AM

if you don't have inventory there's nothing yo enter

Level 15
Jul 8, 2020 10:10:55 AM

If you do not keep an inventory (because you are not required to do so), then you can enter the items as an expense under materials and supplies.

 

See https://www.irs.gov/instructions/i1040sc#idm140229396699840