(a) Record the following transactions in the General Fund General Ledger of Benford Township using the consumption method (periodic inventory system) to account for materials, supplies, and prepayments. Record both the budgetary and actual entries.
(b) Compute the amount of expenditures to be reported in the school district General Fund statement of revenues, expenditures, and changes in fund balance.
(c) Compute the amount of nonspendable fund balance to be reported at year end. Materials and supplies costing $90,000 were on hand at the beginning of the year.
1. The town ordered the following:
  Estimated Cost
Garbage vehicles—4 . . . . . . . . . . . . . . . . . . . . . . .$225,000
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,000
2. The town received the garbage vehicles. The actual cost of $222,000 was vouchered for payment.
3. The town received most of the supplies ordered (estimated cost $302,000). The actual cost was $301,800.
4. The town paid $523,800 of vouchers payable.
5. At year­end, the town had supplies on hand costing $102,000.