Rice Enterprises had supplies on hand costing $240 on December 31.During the same year,supplies costing $500 were purchased,and $320 in supplies were consumed during the year.What was the cost of supplies on hand on January 1 of that year?

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The Answer of Rice Enterprises had supplies on hand costing $240 on December 31.During the same year,supplies costing $500 were purchased,and $320 in supplies were consumed during the year.What was the cost of supplies on hand on January 1 of that year?

Rice Enterprises Had Supplies on Hand Costing $240 on December