What do I put as an ending balance for Inventory if I sold y business in 2019.
I have Beginning Balance 100K+Cost of Purchase 50K
Should I set my ending balance to Zero since I sold my business with inventory or should I include what's left in inventory balance before I sold my business?
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You allocate some amount of sale proceeds to the inventory you sold and use $0 as your ending COGS.
@TomYoung would you guide me where would I put inventory allocation related to the sale?
The amount allocated to the sale of inventory would included in your "Gross receipts or sales" line, (I'm assuming Schedule C here), in the same line with all your "regular" sales before the sale of the business.
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