Business, 09.10.2019 23:00, lexy5211

In 2014, orear manufacturing signed a contract with a supplier to purchase raw materials in 2015 for $700,000. before the december 31, 2014 balance sheet date, the market price for these materials dropped to $510,000. the journal entry to record this situation at december 31, 2014 will result in a credit that should be reported: a. as a valuation account to inventory on the balance sheet. b. as a current liability. c. as an appropriation of retained earnings. d. on the income statement.

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In 2014, orear manufacturing signed a contract with a supplier to purchase raw materials in 2015 for...