Question

Exercise 3-4 Determining cost flows through accounts LO P1 Determine the missing amounts in each of these four separate situations a through d. d с $ 1,260_ Supplies available-prior year-end Supplies purchased during the current year Total supplies available Supplies available-current year-end Supplies expense for current year 3,000 400 $ 2,800 3,200 (650) b 1,200 $ 6,500 7,700 (1,350) 8,400 (700) 4,588 1,200

Answer 1

	a	b	c	d
Supplies available - prior year end	400	1,200	1,260	2,288
Supplies purchased during the current year	2,800	6,500	8,490	3,000
Total supplies available	3,200	7,700	9,750	5,288
Supplies available - current year end	(650)	(6,500)	(1,350)	(700)
Supplies expense for current year	2,550	1,200	8,400	4,588

Supplies expense current year = [ Supplies available - prior year end + supplies purchased during the year ] - Supplies available -current year end

a: Supplies expense current year = [400 + 2,800] - 650 = 2,550

b: 1,200 = [ 1,200 + 6,500 ] - Supplies available - current year end

Supplies available - current year end = 7,700 - 1,200 = 6,500

c: 8,400 = [ 1,260 + supplies purchased during the current year ] - 1,350

Supplies purchased during the current year = 8,400 + 1,350 - 1,260 = 8,490

d: 4,588 = [ Supplies available - prior year end + 3,000 ] - 700

Supplies available - prior year end = 4,588 + 700 - 3,000 = 2,288

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