You just stuffed yourself with a hot dog, a large tub of popcorn, and a box of milk duds while watching a movie. when you come out of the theater, you smell the cinnamon buns across the mall and decide to get one even though you are full. this can best be explained by

At the end of the fiscal year, apha airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. the company prices its inventory at the lower of cost or market. if the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?