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How much is the gain recorded

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On June 30, 2020, Oust the Turtle Corporation entered into a purchase commitment with Doll O' Might Company to provide the corporation 1,000 metric tons of white sand on May 31, 2022 for P600 per matric ton. On December 31, 2020, the price per metric ton of white sand dipped to P590.

Problem 1: On December 31, 2021, the white sand retails at P605 per matric ton. How much is the gain recorded in 2021?

Reference no: EM132691016

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