Question

Hello! I own a coffee shop (sole prop). Where do I input cost of goods sold?

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Cost of Goods Sold goes in Inventory/Cost of Goods Sold>Click Yes, I have inventory to report.

Answer the question about how you value your inventory, then enter the inventory at the beginning and end of the year.

Enter on the next screen the costs that you had for the year in purchasing or making your inventory.

Cost of goods sold is figured automatically and put on the second page of your Schedule C. It is equal to

Purchases for the year + beginning inventory – ending inventory.

-follow this link for more information on COGS-

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