Practice Return · Chapter 3FREE PREVIEW
Ch 3 — Retail COGS (Form 1125-A)
Scenario
Retail Corp: Beginning inventory $85,000, Purchases $340,000, Freight-in $12,000, Ending inventory (physical count) $92,000. No §263A (small biz, under $30M). Compute COGS.
Given data
Beginning inventory (Line 1)$85,000
Purchases (Line 2)$340,000
Other costs — freight-in (Line 5)$12,000
Ending inventory (Line 7)$92,000
Fill in the Form 1120 lines
Enter your answer for each line as it would appear on Form 1120 or in tax software. Round to whole dollars unless indicated.