How do i determine the ending inventory of a convenience store?
Actually, you should be doing at least an annual inventory (preferably around the end of the year or just after the first of the year) to see what the inventory on hand was as of the close of business on December 31st of last year. Start with your beginning inventory on January 1st of last year, add all the goods bought, subtract all the goods sold, and the answer is your ending inventory. You should have all the receipts from the goods you purchased through the year to help you figure out that amount, and your sales will help you with the goods sold. Good luck with your taxes!
