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# Sales = 100000 goods bought = 50000 (cash-20000 / on acount

### Resolved Question:

Sales = 100000
goods bought = 50000 (cash-20000 / on acount 30000/-) Ending Inventory 15000/= what is my cost of goods sold for tax purposes.
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.
Hi and welcome to Just Answer!

Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. These lines are reproduced below.
35 Inventory at beginning of year - assuming zero.
36 Purchases less cost of items withdrawn for personal use - \$50,000
37 Cost of labor. Do not include any amounts paid to yourself - zero
38 Materials and supplies - zero
39 Other costs - zero
40 Add lines 35 through 39 - \$50,000
41 Inventory at end of year - \$15,000
42 Cost of goods sold. Subtract line 41 from line 40 - \$35,000

See for reference:
http://www.irs.gov/newsroom/article/0,,id=160515,00.html

Let me know if you need any help.
Category: Tax
Satisfied Customers: 27724
Experience: Taxes, Immigration, Labor Relations

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