Question

Given that

Food Inventory, January 1, 20X3 = $ 1,160

and

Available food = $ 59,060

Then, the total amount of food purchased is equal to:_________.

Answer 1

The total amount spent on food purchases is $57,900, arrived at by subtracting the initial food inventory from the available food amount at year's end.

Step-by-step explanation:

To determine the total amount of food purchased over a specific period, one must incorporate the starting inventory, additional purchases, and the final available amount. In this instance, the student has provided the beginning food inventory which is $1,160 and the available food at the end valued at $59,060.

To compute the total purchases, use the formula:

Total Purchases = Available Food - Beginning Inventory

Calculating the total purchases:

$59,060 (Available Food) - $1,160 (Beginning Inventory) = $57,900 (Total Food Purchases)

Therefore, the final answer in two line explanation: The amount spent on food purchases is $57,900, which is calculated by subtracting the beginning inventory from the available food at the end of the period.