I just finished putting all of my 2018 transactions in, (Business was started in 2018), and I am trying to put in my numbers in my Schedule C. For my Cost of Goods Sold Part 3, my beginning inventory is 0, and my ending inventory is $1,107.72. But on my Profit and Loss Statement it is saying that my Cost of Goods Sold are only $105.19. This number is supposed to go under "Purchases" isn't it? If so, why is it so low? I have more inventory than that. New to QuickBooks and have been constantly struggling so far.
We got your back here in the Community. Let's dig deeper to know why you got a small value in your COGS.
The COGS value in your Profit and Loss is the total realized cost after selling an inventory item. This means the cost is only realized when the item is sold. Yes, this is coming your purchases, but only the sold part. You can double-click the amount to see the sales transactions.
On the other hand, the value of unsold inventories will stay on your Inventory Asset account which is a Balance Sheet account. You can check that by running that report or you can open your Inventory Asset account in the Chart of Accounts.
We're just around if you have more questions. Have a good day!