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Record the journal entry for marigold company

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Question 1: AT December 31, 2020 marigold company has outstanding noncancelable purchase commitments for 39600 gallons at $3.78 per gallon, of raw material to be used in its manufacturing process. The company prices it's raw material inventory at cost or market, whichever is lower. Assuming that the market price as of December 31 2020 is $3.40 record the journal entry.

Reference no: EM132873466

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