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Assume that a government purchases $85,000 of inventory for the General Fund during the year. The General Fund began the year with an inventory balance
Assume that a government purchases $85,000 of inventory for the General Fund during the year. The General Fund began the year with an inventory balance of $15,000 and ended the year with a balance of $35,000. The General Fund uses the consumption method of inventory accounting and a perpetual inventory system. The General Fund should report A. Expenditures of $65,000 for the year. A. Expenditures of $85,000 for the year. A. Other financing source of $20,000 for the year. A. Other financing use of $20,000 for the year
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