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How To Account for Inventory for Income Tax Purposes 
 
by kmhagen September 01, 2005

Manual Calculation or Perpetual Inventory System

You can do the inventory and cost of goods sold calculation manually, when you prepare your income tax return, or you can maintain a perpetual or book inventory as part of the accounting system for your business.  You need to take physical inventories at regular intervals and adjust your book inventory to agree with the actual physical inventory amounts.

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