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What if inventory was not calculated at the end of the fiscal year?
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April 1, 2021
3:39 AM
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Self-employed
There are several ways of determining your end inventory.
If you can't do a physical count, you can use the formula: Beginning Inventory + Purchases - Cost of Goods Sold (COGS) = Ending Inventory
You can also use the Gross profit method formula:
Total Cost of Goods Available for Sale (= Beginning Inventory + COGS) - Estimated Cost Of Goods Sold (= Gross Profit x Sales) = Ending Inventory
If you can't do a physical count, you can use the formula: Beginning Inventory + Purchases - Cost of Goods Sold (COGS) = Ending Inventory
You can also use the Gross profit method formula:
Total Cost of Goods Available for Sale (= Beginning Inventory + COGS) - Estimated Cost Of Goods Sold (= Gross Profit x Sales) = Ending Inventory
May 18, 2022
12:44 PM