Question: Inventory Accounting General City's general fund reported a supplies inventory costing $1,000,000 at the beginning of the fiscal year. During the year, General City purchased

Inventory Accounting General City's general fund reported a supplies inventory costing $1,000,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $18,000,000; $2,500,000 remains unpaid at year-end. Materials and supplies costing $1,100,000 are on hand at the end of the fiscal year.
Required
Prepare the summary journal entries made this year under the two allowable methods used by governmental funds to account for inventories.

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