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Federal input screens

Screen A - Cost of Goods Sold (1120)

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Cost of Goods Sold

Beginning inventory (Force)
If this field is blank, the application transfers the beginning inventory from Schedule L.
Adjust purchases by change in inventory
Enter
X
 in this field to have UltraTax CS/1120 automatically adjust the amount of purchases displayed on Form 1125-A by the difference between beginning and ending inventory. UltraTax CS/1120 prints a not required statement for purchases when an adjustment is made.
UltraTax CS/1120 makes a negative adjustment to purchases when ending inventory is less than beginning inventory, but does not allow purchases to go below zero. A positive adjustment is made to purchases when ending inventory is greater than beginning inventory.
note
If this field is marked in a member of a consolidated group, it must also be marked in the remaining members of the consolidated group in addition to the consolidated client.
Meals subject to 50% limit
Enter 100 percent of the meal expenses included in the cost of goods sold.
Meals subject to DOT 80% limit
Enter 100 percent of the meals expense subject to the hours of service limitations of the Department of Transportation (DOT) included in the cost of goods sold.
Other costs
Use the statement dialog to enter data for other costs. Include the amount of leased vehicle expenses for assets entered in the Cost of Goods Sold asset module. Do not enter Cost of Goods Sold depreciation or amortization that was entered in the asset module or in the 4562 Screen. UltraTax CS/1120 includes these values in the calculations and reflects them in the statement at print time if
Other costs
 is selected from the
Type of cost
 field in the A Screen.
The A Screen allows you to specify either a percentage or a specific amount of Page 1 depreciation for Form 1125-A. This value is not reflected in the calculations during data entry, but is visible in the printed statement.
Percentage
Use this field to allocate a portion of the Page 1 depreciation to Form 1125-A. The application multiplies the percentage that you enter by all depreciation coded as Page 1 in the
Form
 field in the 4562 Screen.
Amount
Use this field to allocate a specific dollar amount of the Page 1 depreciation to Form 1125-A.
Type of cost
UltraTax CS/1120 uses this field to determine where to transfer the depreciation amount on Form 1125-A if information is also entered in the
Percentage
 or
Amount
 fields in this screen. Enter
1
 for Additional section 263A costs or
2
 for Other costs. Enter the code or select it from the fieldview. Note that UltraTax CS/1120 defaults to transferring the amount to the Additional section 263A costs line on Form 1125-A.
Ending inventory (Force)
If this field is blank, the application transfers the ending inventory from Schedule L.

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