Hi I have a business that is . I purchase products from an outlet that sales "seconds" on a cash basis with no receipt. How can I enter the product into my inventory and how can I expense it? Or can I even at all with no receipt. If I sale the product how do I declare the income of it?

Thanks in advance for any help

You need to keep a ledger of your purchases, and TRY to get some type of purchase receipt for your purchases from the outlet.

You declare the income and list the expenses on Schedule C.