cost of goods

[fashmel93]

If I am a boutique is my cost of good sold the price i bought it for at whole sale or what i sold it to the customer for? (the markup price)

[ee-ea]

Cost of good sold is the price at which you bought items..

[fashmel93]

thank you i sell many different items in my online store, does that mean i would have to go back to my original invoice to see exactly what each item was sold for to get the cost of goods? is there an easier way to do it? last year was my first year of business i know boy would be 0 but im trying to calculate my eoy

[JohnB5677]

You do have to have a running list of inventory that you add and subtract from when you purchase or sell an item.  However, this does not have to be itemized on your tax return.  There are multiple inventory software's available.

Reporting Inventory Cost - TurboTax Online

Reporting Inventory Cost - TurboTax Home & Business