Question

I'm being asked what my inventory was at the end of 2017. Does that mean what I had left or what I had spent in inventory thru the year? Do I enter wholesale or retail?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Self Employed Online

Employee

For the cost of goods sold, the ending inventory is the total of what you have at the end of the year. You will enter the wholesale amount. This will allow you to determine your taxable income, as you will enter your sales separately, as well as be able to account for costs and samples.

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