Question

Need help adding cost of goods sold

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Self Employed Online

T

TomYoung

Employee

The "generalized" equation of Cost of Goods Sold is:

COGS = Beginning of year inventory cost + Purchases (or Production) costs during the year - End of year inventory cost.

That above information is exactly what TurboTax asks for, plus a few other matters. If this is your first year of operation then obviously that beginning of year number is $0. You're going to have to add specifics if you need more help.

Tom Young

R

ry4n3sAuthor

I never filed taxes to be honest, I literally started beginning of 2017 almost on the dot, more like 28th of 2016, I see spots for adding all sorts of expenses but I see no section regarding what I payed for the items, outright bookkeeping app did almost all for more but I don't see section to add on turbo tax