A county general fund uses the purchases method to report inventories, and does not report an inventory balance on its balance sheet. During the year it issues purchase orders for $50,000, takes delivery of $49,800, and pays $47,000 in invoices for inventories, of which $2,000 relates to inventories delivered last year. What amount is reported as expenditures for inventories in the general fund statement of revenues, expenditures, and changes in fund balances? Select one: a. $45,000 b. $49,800 c. $50,000 d. $47,000