Schedule C Inventory, Cost of Goods Sold and Inventory

[@leannemoss7002]

GIRL!!! This video is what I needed. I couldn’t wrap my brain around inventory vs supplies and how to account for inventory. Thank you!!

[@ErinatTimeSavingTemplates]

Thank you, glad to help!

[@dwayneflax2304]

You made this so simple. Thank you!

[@el.handyman]

Great video Erin... I've been looking for an explanation like this one. I'm a Handyman and don't typically stock inventory. Material I purchase for a job is figured into the cost of doing the work, like paint or lumber, which is listed as materials on the invoice. However, tarps or cleaning solvents that I purchase, I consider them as supplies, and I have been entering these under "Materials & Supplies" of the COGS section. I don't need to account for the paint or lumber that the customer has already paid for... right??? I'd like to look at your templates to see if one fits into my trade.

[@cosmicchat6109]

Thanks so much. This is my first year doing taxes for my handcraft and apparel business. Im going nuts lol. This helped.

[@ErinatTimeSavingTemplates]

I'm so glad you found it helpful!

[@TatianaTheMystic]

Thank you so much for this video it has helped me a lot with organizing my taxes and understanding part 3 of schedule C however I have a question and I hope you can answer. When accounting for ending inventory how do we account for raw materials that has not yet been made into a final product but is still apart of ending inventory? ( I understand counting physical product then turning it into a dollar amount but what about the materials that are not yet products) Also when calculating cost of goods sold do I add all materials used to make a certain product then times that by how many sold ?

[@DWGar]

If I have a pre existing inventory from my craft room before I start a buisness do I just add that into my inventory but at 0$ for the cost of that inventory

[@funeralparties]

Sorry for what is gonna sound really dumb, but is Inventory (line 32) the dollar amount of all of our items? And is it the wholesale or retail value?

[@sonics25]

Arghh this all gives me a headache. Sold first time eBay this year and this is Killin me. 😆 I buy a lot of things from garage sales and there are no receipts.

[@thehylander266]

What do you put if it’s your first year and you began with no inventory but added it later into the year as you began selling products? Do I just skip beginning inventory and put cost of goods and end of year inventory?

[@stevejacobs2764]

You put 0 as your beginning inventory.

[@daniellespears4428]

Thanks😊

[@ErinatTimeSavingTemplates]

Here's a link to a few of the inventory and cogs templates mentioned in this video- timesavingtemplates.com/product-category/inventorytracking/