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Torrey owns a retail store, and during the current year purchased $ 5 8 0 , 0 0 0 worth of inventory. Torrey's beginning inventory
Torrey owns a retail store, and during the current year purchased $ worth of inventory. Torrey's beginning inventory was $ and ending inventory is $ During the year, Torrey withdrew $ in inventory for personal use. Assume that he uses the cost method to value the inventory and there was no change in determining quantities, costs, or valuations between opening and closing inventory.
Use Part III of Schedule C from Appendix F to calculate Torrey's cost of goods sold for the year.
Enter amounts as positive numbers.
Part III Cost of Goods Sold see instructions
Methods used to value closing inventory:
Was there any change in determining quantities, costs, or valuations between opening and closing inventory?
If "Yes," attach explanation
Inventory at beginning of year. If different from last year's closing inventory, attach explanation
Purchases less cost of items withdrawn for personal use
Cost of labor. Do not include any amounts paid to yourself
Materials and supplies
Other costs.
Add lines through
Inventory at end of year
Cost of goods sold. Subtract line from line Enter the result here and on line
table
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