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What is the value that must be used for the preparation

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Boy Macho Farming Co. also grows wheat and sometimes enters into contracts for future sales of the wheat.

Problem 1: While the wheat is still growing, Boy macho farming co. enters into a contract for the future sale of 120 tons of wheat at 480 bucks per ton. Before the year-end, it harvests 100 tons of wheat at a time when the fair value less costs to sell of the wheat 500 bucks per ton. What is the value that must be used for the preparation of the financial statements?

Reference no: EM132903337

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