The tickets were bought in 2016, but they were not sold until 2017 which is when I was paid for the sale as well. How should the expense of the tickets be reported on my return? Should the tickets be inventory? I just want to make sure I account for the money I spent on the tickets as it adds up to almost $30,000. Any help is appreciated?
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The value at cost price of unsold tickets at the end of 2016 must be reported as ending inventory, so that their cost is excluded from your Cost of goods sold (COGS).
The value at cost price of unsold tickets at the end of 2016 must be reported as ending inventory, so that their cost is excluded from your Cost of goods sold (COGS).
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