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If a material amount of inventory has been ordered through a formal purchase contract at the statement of financial position date, for future delivery, at

If a material amount of inventory has been ordered through a formal purchase contract at the statement of financial position date, for future delivery, at firm prices. O this fact must be disclosed. O disclosure is required only if prices have since risen substantially. O disclosure is required only if prices have declined since the date of the order. an appropriation of retained earnings is necessary

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