Cal Farms reported supplies expense of $1,700,000 this year. The supplies account decreased by $190,000 during...
Cal Farms reported supplies expense of $1,700,000 this year. The supplies account decreased by $190,000 during the year to an ending balance of $340,000. What was the cost of supplies the Cal Farms purchased during the year?
Multiple Choice
-
$1,510,000.
-
$1,360,000.
-
$1,890,000.
-
$2,040,000.
Homework Answers
Beginning supplies balance=(190,000+340,000)=$530,000
Ending supplies balance=Beginning supplies balance+Cost of supplies purchased-Supplies expense
340,000=530,000+Cost of supplies purchased-1,700,000
Cost of supplies purchased=340,000+1,700,000-530,000
=$1,510,000.
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