Chicharito Corporation, a manufacturer of Mexican foods, contracted in 2010 to purchase 1,000 pounds of a spice mixture at $5.00 per pound, delivery and payment to be made in Spring of 2012. By 12/31/10, the price per pound of the spice mixture had dropped to $4.60 per pound. By 12/31/11, the price per pound of the spice mixture was $4.75 per pound. In 2011, Chicharito should recognize:a) a loss of $250 b) a gain of $250 c) a loss of $150 d) a gain of $150

Chicharito Corporation, a manufacturer of Mexican foods, contracted
in 2010 to purchase 1,000 pounds of a spice mixture at $5.00 per pound, delivery and payment to be made in Spring of 2012. By 12/31/10, the price per pound of the spice mixture had dropped to $4.60 per pound. By 12/31/11, the price per pound of the spice mixture was $4.75 per pound. In 2011, Chicharito should recognize:a) a loss of $250
b) a gain of $250
c) a loss of $150
d) a gain of $150
 
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The post Chicharito Corporation, a manufacturer of Mexican foods, contracted in 2010 to purchase 1,000 pounds of a spice mixture at $5.00 per pound, delivery and payment to be made in Spring of 2012. By 12/31/10, the price per pound of the spice mixture had dropped to $4.60 per pound. By 12/31/11, the price per pound of the spice mixture was $4.75 per pound. In 2011, Chicharito should recognize:a) a loss of $250 b) a gain of $250 c) a loss of $150 d) a gain of $150 appeared first on Superb Professors.

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