COGS I enter $59,143.95 as purchases during the year. But in the summery the COGS reads $76,300.90 Does anyone know why that is? Thanks

[TurboTaxSusan · Accepted solution]

What was the value of your inventory at the start of the year? That may account for the extra amount. For example, if you had $17,156.95 in inventory at the start of the year, then bought $59,143.95 in inventory, your total inventory would be $76,300.90. If you sold everything by the end of the year, your COGS would be $76,300.90, because you sold both the old inventory and the newly purchased inventory.

Another possibility is if you entered other expenses on the “Did you sell products that you bought or manufactured?” page. These get added to COGS. For example, if you had no opening inventory amount, bought $59,143.95 in inventory and then had $17,156.95 in direct labour costs - that would also amount to a COGS of $76,300.90.