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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 $580,000 worth of inventory. Torrey's beginning inventory was $60,000, and ending inventory is $80,000. During the year, Torrey withdrew $1,000 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)
33 Method(s) used to value closing inventory:
34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory?
If "Yes," attach explanation
35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation
36 Purchases less cost of items withdrawn for personal use
37 Cost of labor. Do not include any amounts paid to yourself
38 Materials and supplies
39 Other costs.
40 Add lines 35 through 39
41 Inventory at end of year
42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4
\table[[35,],[36,],[37,],[38,],[39,],[40,],[41,],[42,]]
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