The Marjorie Company Entered into a Non-Cancellable Fixed Price Purchase $\quad 36,250$

question 20

Multiple Choice

The Marjorie Company entered into a non-cancellable fixed price purchase obligation on August 19, 2010.The agreement was to purchase 2, 500 units of material at $16.00 per unit to be delivered on April 1, 2011.On December 31, 2010, and on April 1, 2011, the replacement cost is determined to be $14.50 per unit.Which journal entry would be correct to record the delivery on April 1, 2011?

• A)
• Inventory (or Purchases) \( \quad 36,250 \)
• Accrued Loss on Purchase Commitments \(\quad\)3,750
• Accounts Payable\(\quad\)\(\quad\)40,000
• B)
• \(\begin{array}{cr}
• \text { Inventory (or Purchases) } & 40,000 \\
• \text { Accounts Payable } & 40,000
• \end{array}\)
• C)
• \(\begin{array}{l}
• \text { Accrued Loss on Purchase Commitments } &3,750\\
• \text { Inventory }&3,750
• \end{array}\)
• D)No required entry

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Definitions:

Hegemonic Masculinity

A concept that describes the cultural ideal of manhood, which privileges dominance, heterosexuality, authority, and competitiveness.

Gender Roles

The societal norms and expectations that dictate the behaviors, tasks, and responsibilities associated with being male or female.

Culture of Thinness

A societal obsession with being thin, often perpetuating unhealthy body images and eating behaviors, especially among women.

Body Standards

The socially constructed ideals of physical appearance, body shape, and size that are often promoted through media and culture.