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Ainat [17]
3 years ago
8

The General Fund reported a beginning balance of inventory of materials and supplies of $122,000. The ending balance was $150,00

0. Supplies received during the year (purchases) totaled $600,000. The county uses the purchases method. The General Fund should report expenditures for materials and supplies for the year of a. $450,000. b. $572,000. c. $600,000. d. $628,000.
Business
1 answer:
Gemiola [76]3 years ago
4 0

Answer:

c. $600,000

Explanation:

Under the purchase methods of accounting, a business records assets at the fair market value. It is the price that the business paid to acquire the assets.

For the general fund, the cost incurred in acquiring the purchases is $600,000.  This is the figure that will be recorded and reported in books.  The purchase method is contrasted with the consumption method.

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2 years ago
What kind of education do you need to be a construction engineer technology?
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3 years ago
Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be
faust18 [17]

Answer:

Best estimate for inventory =$70,764.85

Explanation:

The closing inventory value at retail

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= $123,000 +  $483,000 - 493,000.

= 113000

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=70,764.85

Best estimate for inventory =$70,764.85

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Forrester Company is considering buying new equipment that would increase monthly fixed costs from $276,000 to $544,500 and woul
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Answer:

The correct answer is E.

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Giving the following information:

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