Inventory_Cost_of_Goods_Sold_2021
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Accounting for inventory is necessary to reflect gross profit when the production, purchase, or sale of merchandise is an income-producing factor. However, if an inventory is necessary to account for your income, you generally must use and accrual method of accounting for sales and purchases, unless you are a small business taxpayer.
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Inventory_Cost_of_Goods_Sold_2021
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