How to Calculate Inventory For Your Business

[@roadiefrodie]

Just what I needed for tax prep - Thanks!

[@SheSellsBySue]

Oh NO! I have to do algebra? HAHA

[@dannyfinancial214]

Love you

[@bruzo6505]

How to calculate ending inventory if cogs is not given?

[@MrCPA-ry8mv]

You would probably have to physically count your ending inventory if you didn’t know the beginning value, purchase, and cost of goods sold values.

[@tolga7920]

Hello, I would like to start a business in 2020 I have already purchased beginning inventory with my personal money, for tax purposes how can I deduct that amount from my business or show it as purchases? Thank you.

[@MrCPA-ry8mv]

You would need to wait until you actually sold the inventory in 2020. Unfortunately you wouldn’t be allowed to deduct it in 2019.

[@johnnyvegas4583]

What is beginning inventory if I say contribute $4000 of my personal items to the business?

[@MrCPA-ry8mv]

If you contributed personal items to sell with a cost value of $4k, then your beginning value would equal that amount.