Wiley started the year with $360 worth of coloring book inventory. He purchased an additional 27 cases of paper for $780 (one case of paper was used for his kids to print their homework on), $440 worth of ink, and paid $500 to someone to assist him in binding the coloring books. At the end of the year, he had $690 worth of coloring books left in inventory. What is Wiley's cost of goods sold in part III of Schedule C? $1,381 $1,361 $890 $361 The item(s) NOT included in gross receipts is/are Goods or services the proprietor receives in exchange for the goods or services they sell. Cost of goods sold. Payment for goods or services reported on Form 1099-NEC. Payment for goods or services NOT reported on Form 1099-NEC