inventory valuation

Project Description:

) prepare the inventory section of maddox’s balance sheet as of november 30, 2012, including any required note(s).
(b) without prejudice to your answer to (a), assume that the market value of maddox’s inventories is less than cost. explain how this decline would be presented in maddox’s income statement for the fiscal year ended november 30, 2012.
(c) assume that maddox has a firm purchase commitment for the same type of derailleur included in the raw materials inventory as of november 30, 2012, and that the purchase commitment is at a contracted price 15% greater than the current market price. these derailleurs are to be delivered to maddox after november 30, 2012. discuss the impact, if any, that this purchase commitment would have on maddox’s financial statements prepared for the fiscal year ended november 30, 2012.
(cma adapted)
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