Rice Enterprises had supplies on hand costing $240 on December 31. During the same year, supplies costing $160 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?

3. Rice Enterprises had supplies on hand costing $240 on December 31 . During the same year, supplies costing $160 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