On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $1,000. During 20X7,
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On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $1,000. During 20X7, supplies purchases amounted to $6,000. A count (inventory) of supplies on hand at December 31, 20X7, showed $2,000. The 20X7 Balance Sheet statement should report supplies amounting to:
$7,000
$6,000
$5,000
$2,000
None of the others alternatives are correct
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