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22 July, 10:27

A county uses the consumption method to account for General Fund materials and supplies. The beginning inventory of materials and supplies was $122,000. The ending inventory was $150,000. The beginning balance of reserve for encumbrances (for supplies ordered but not received at the beginning of the year) was $50,000; the ending balance was $20,000. Supplies purchased during the year totaled $750,000. The county General Fund should report expenditures for materials and supplies for the year of

a.

$722,000

b.

$750,000

c.

$752,000

d.

$780,000

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Answers (1)
  1. 22 July, 10:32
    0
    The correct answer is A.

    Explanation:

    Giving the following information:

    The beginning inventory of materials and supplies was $122,000. The ending inventory was $150,000. The beginning balance of reserve for encumbrances (for supplies ordered but not received at the beginning of the year) was $50,000; the ending balance was $20,000. Supplies purchased during the year totaled $750,000.

    Materials:

    Purchases = 750,000

    Beginning inventory = 122,000

    Ending inventory = 150,000 (-)

    Total = 722,000
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