A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund will report inventory expenditures of:

Name: A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund will report inventory expenditures of:
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

Inventories used = $10,000 + $600,000 - $12,000 = $598,000

A General Fund Uses the Consumption Method to Record Inventories