Business, 20.12.2019 03:31 ofcitsnijah

During the current year, the guileman manufacturing company signed a noncancelable contract to purchase 1,000 lbs. of a raw material at $32 per lb. during the forthcoming year. on december 31, the market price of the raw material is $26 per lb., and the selling price of the finished product is expected to decline accordingly. the financial statements prepared for the year should . an appropriation of retained earnings for $6,000.b. a loss of $6,000 in the income statement. c. nothing regarding this matter. d. a note describing the expected loss on the purchase commitment.

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