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How to enter income and costs for cattle purchased for sale of beef

Hi,

We purchase cattle and finish them off in order to sell grass-fed beef. 

What is the correct way to inter income and expenses for the purchase of cattle and sale of the beef on a Schedule F? 

Do I list the income of the beef as "Sales of Livestock and Other Items Bought for Resale" and the cost as "Cost of Items Bought for Resale" or is the income from the sale of beef "Other Farm Income" and the cost of the animals as a "Miscellaneous Expense"? Or something else?

Thank you for your help,

 

 

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How to enter income and costs for cattle purchased for sale of beef

 
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