Reference no: EM132829825
On November 17, 2020, Samwell Airways entered into a non-cancelable commitment to purchase 3,000 barrels of aviation fuel for 9,000,000 on March 31, 2021. Samwell entered into this purchase commitment to protect itself against the volatility in the aviation fuel market. By December 31, 2020, the purchase price of aviation fuel had fallen to 2,200 per barrel. However, by March 31, 2021, when Samwell took delivery of the 3,000 barrels, the price of aviation fuel had risen to 3,100 per barrel.
Requirements:
Problem 1. The loss on purchase commitment on December 31, 2020 is
a. 1,500,000 c. 2,400,000
b. 900,000 d. 0
Problem 2. The gain on purchase commitment on March 31, 2021 is
a. 2,700,000 c. 2,400,000
b. 300,000 d. 0
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