Discussion:Ending inventory estimate

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Anchorman (Talk | contribs)
(Roy... thanks (r)
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(Doesn't Section)
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{{ForumReplyPost|UserID=Anchorman|Date=29 July 2009|Text=Roy... thanks (really) for opening up a whole new can of worms. Looks like some research is in order.}} {{ForumReplyPost|UserID=Anchorman|Date=29 July 2009|Text=Roy... thanks (really) for opening up a whole new can of worms. Looks like some research is in order.}}
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 +{{ForumReplyPost|UserID=FLAcct|Date=29 July 2009|Text=Doesn't Section 263A only apply to businesses with gross revenues in the millions? }}

Revision as of 19:29, 29 July 2009

Discussion Forum Index --> Basic Tax Questions --> Ending inventory estimate
Discussion Forum Index --> Tax Questions --> Ending inventory estimate

Anchorman (talk|edits) said:

28 July 2009
Have a small bakery that opened in 2007. I am doing the 2008 return. No physical inventory was taken at year end. How do you suggest I handle on Schedule A Cost of Goods at the top of page 2 of the Form 1120S? Can I just use purchases as cost of goods sold in this case, and just use the same ending inventory amount as the prior year return?

MWPXYZ (talk|edits) said:

28 July 2009
Sound reasonable to me. I might ask owner if there was an significant change in inventory, in his opinion, from December 31, 2007.

JR1 (talk|edits) said:

July 28, 2009
Yeah, it's a bakery. How much will the flour and sugar and shortening levels fluctuate?

Kevinh5 (talk|edits) said:

28 July 2009
depends on when they add the yeast

RoyDaleOne (talk|edits) said:

29 July 2009
What, if anything, are you doing about the Section 263A costs?

Anchorman (talk|edits) said:

29 July 2009
Roy... thanks (really) for opening up a whole new can of worms. Looks like some research is in order.

FLAcct (talk|edits) said:

29 July 2009
Doesn't Section 263A only apply to businesses with gross revenues in the millions?
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