Business, 01.07.2020 21:01, dh29229

Flint Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $990,700. At December 31, 2018, the raw materials to be purchased have a market value of $942,000. Prepare any necessary December 31, 2018 entry.

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Flint Company signed a long-term noncancelable purchase commitment with a major supplier to purchase...