Bay City uses the purchases method to account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $600,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements, at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be Expenditures $600,000; Supplies inventory $200,000 Expenditures $600,000; Supplies inventory $0 Expenditures $400,000; Supplies inventory $200,000 Expenditures $400,000; Supplies inventory $0
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