Can I ask a bookkeeping question here?

When purchasing product, do you put it in as inventory and move it to COGS after it sells or just COGS when purchased?

We’ve been in business for a long time, and don’t worry about profit and/or loss on a day to day basis. We figure COGS annually at Income Tax time when we plug those numbers into TurboTax. We also have about 15,000 SKUs.

We’re BIG picture people. It’s all about the bottom line.