The following are types
of expenses that go into figuring the cost of goods sold.
·
The cost of products or
raw materials, including freight
·
Storage
·
Direct labor costs
(including contributions to pensions or annuity plans) for workers who produce
the products
·
Factory overhead
Under the uniform
capitalization rules, you must capitalize the direct costs and part of the
indirect costs for certain production or resale activities. Indirect costs
include rent, interest, taxes, storage, purchasing, processing, repackaging,
handling, and administrative costs.
This rule does not apply
to personal property you acquire for resale if your average annual gross
receipts (or those of your predecessor) for the preceding 3 tax years are not
more than $10 million.
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