Point Corporation purchased supplies at a cost of $14,500 during the year. At January 1, supplies on hand were $1,000. At December 31, supplies on hand are $3,500. Determine the amount of supplies expense for the year.

Question

Quizplus · Accepted Answer

The supplies expense is calculated as the beginning supplies plus purchases minus ending supplies: $1,000 + $14,500 - $3,500 = $12,000.

Point Corporation Purchased Supplies at a Cost of $14,500 During