ACC 304 All Assignments ACC 304 All Assignments | Page 119

b. there are no significant costs of disposal.
c. the inventory consists of precious metals or agricultural products.
d. all of these.
41. If a material amount of inventory has been ordered through a
formal purchase contract at the balance sheet date for future delivery
at firm prices,
a. this fact must be disclosed.
b. disclosure is required only if prices have declined since the date of
the order.
c. disclosure is required only if prices have since risen substantially.
d. an appropriation of retained earnings is necessary.