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The Town of Pasco has no supplies inventory in its general fund on January 1,2008.During 2008,Pasco incurred expenditures of $200,000 for the acquisition of supplies.On December 31,2008,Pasco's inventory of supplies amounted to $30,000.Assume Pasco uses the purchase method of accounting for supplies in its general fund and that the village reports on the calendar year.On December 31,2008,the general fund of Pasco should credit:
Rising prices
An economic phenomenon where the general level of prices for goods and services increases over a period.
Income taxes
Taxes levied by governments on individuals or entities' income.
FIFO
Stands for First In, First Out, an inventory valuation method where goods purchased or produced first are sold or used first.
Gross profit
The difference between revenue and the cost of goods sold (COGS), representing the profit made before deducting operating expenses.
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