ending inventory when finishing a schedule C business

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ketanco
Posts: 130
Joined: Wed Jul 24, 2013 7:09 pm

ending inventory when finishing a schedule C business

Post by ketanco » Sat Mar 23, 2019 9:21 am

when you finish doing a business yourself, is it okay to have a non zero ending inventory (when there are unsold items) for the final schedule C of the business, and then afterwards it means all items in those inventory is your personal asset from that point forward? or we must reduce the ending inventory to zero, if this will be the final schedule C?

EdNorton
Posts: 151
Joined: Wed Jan 02, 2019 11:11 am

Re: ending inventory when finishing a schedule C business

Post by EdNorton » Sat Mar 23, 2019 2:18 pm

Yes. Cost of goods sold = beginning inventory + purchases - ending inventory.
Outside a dog, a book is man's best friend, inside a dog, it's too dark to read - Groucho

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