I received similar questions about inventory and cost of goods sold almost every day during this past tax season, and every day I told myself "I need to make a video on this!" Well this is the video! I discuss the accrual method for inventory vs cash method for inventory, how they work, and how they can be presented on the tax forms.

COGS tracking spreadsheets: https://notyourdadscpa.com/inventory...

COGS formula sheet (used in video): https://docs.google.com/spreadsheets/...

1) SUBSCRIBE to learn how to get a handle on your business!
   / @notyourdadscpa  

2) FREE GUIDE: "Business Starter Guide for Resellers"
https://notyourdadscpa.com/businesss...

3) COME JOIN THE FREE GROUP!
Accounting for Online Sellers free Facebook group:   / accountingforsellers  

4) READY TO DITCH THE TAX ANXIETY?
Reseller Tax Academy: https://www.resellertaxacademy.com/
Bookkeeping Basics for Resellers: https://notyourdadscpa.com/bookkeepin...
Reseller Finance eBook: https://notyourdadscpa.com/resellerf...

5) LET'S CONNECT!
Follow for tips on Instagram!   / notyourdadscpa  
Facebook:   / notyourdadscpa  
Website: https://www.notyourdadscpa.com

6) NEED TAX HELP? Join my signup list here:
https://notyourdadscpa.com/taxseason/