Kevin owns a retail store, and during the current year he purchased $610,000 worth of inventory. Kevin's beginning inventory was $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his 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 below to calculate Kevin's cost of goods sold for the year.Enter amounts as positive numbers.Part III     Cost of Goods Sold (see instructions)33Method(s) used to value closing inventory:        Cost 34Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    No 35Inventory at beginning of year. If different from last year's closing inventory, attach explanation . . .35  36Purchases less cost of items withdrawn for personal use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36  37Cost of labor. Do not include any amounts paid to yourself. . . . . . . . . . . . . . . . . . . . . . . . . . . . .37  38Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38  39Other costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39  40Add lines 35 through 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40  41Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41  42Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4. . . . . . . . . . .42

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Asked Jan 17, 2020
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Kevin owns a retail store, and during the current year he purchased $610,000 worth of inventory. Kevin's beginning inventory was $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his 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 below to calculate Kevin'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:        Cost 
34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory?
  If "Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    No 
35 Inventory at beginning of year. If different from last year's closing inventory, attach explanation . . . 35    
36 Purchases less cost of items withdrawn for personal use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36    
37 Cost of labor. Do not include any amounts paid to yourself. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37    
38 Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38    
39 Other costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39    
40 Add lines 35 through 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40    
41 Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41    
42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4. . . . . . . . . . . 42    
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