Cozy Corporation purchased supplies at a cost of $15,000 during the year. At January 1, supplies on hand were $5,000. At December 31, supplies on hand are $2,000. Calculate supplies expense for the year.

Question

Quizplus · Accepted Answer

Supplies expense is calculated as the beginning inventory ($5,000) plus purchases ($15,000) minus ending inventory ($2,000), which equals $18,000.

Cozy Corporation Purchased Supplies at a Cost of $15,000 During