Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. marvin gaye company has been having difficulty obt

Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process....

80.2K

Verified Solution

Question

Accounting

Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2014, at an agreed price of $673,850. At December 31, 2014, the raw material had declined in price to $647,230. What entry would you make on December 31, 2014, to recognize these facts?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The energy the magnitude of linear momentum magnitude of angular momentum and orbital radius of...

Physics
Q

You are the pension fund manager for a consulting company. Your workers will begin to retire...

Finance
Q

The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December...

Accounting
Q

How does filtrate form? What pressures are involved?  What affect does each pressure have on formation? Trace a...

Medical Sciences
Q

Give me an Analysis of Cognitive Development Theory (its relation to the individual), and a brief...

Psychology
Q

One of the most difficult matters to determine is where to draw the line between free...

Operations Management
Q

Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided...

Accounting
Q

Given a railroad curve with the following parameters Do 18 00 00 2 00 00...

Basic Math
Q

Discuss the factors that would influence your assessment of a client as "Low Risk" and...

Accounting
Q

1 Part 1 of 3 Required information Exercise 5-4A (Algo) Effect of...

Accounting
Q

Check my wors Fanning Corporation is a manufacturing company that makes small electric motors it...

Accounting
Q

The daily marginal cost function associated with the production of coffee makers is given by...

Finance