Carver Memorial Gardens purchased supplies for $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 for the year is calculated by adding the purchases to the beginning inventory, then subtracting the ending inventory: $14,500 + $1,000 - $3,500 = $12,000.

Carver Memorial Gardens Purchased Supplies for $14,500 During the Year