ABC Inc. has signed a non-cancellable contract to purchase goods from XYZ Inc. The goods are to be delivered in three months' time, and no deposit or advance has been paid by ABC. The contract price reflects the goods' fair value. What should the companies record when the contract is signed? 

Answer rating: 100% (QA)

When ABC Inc signs a noncancellable contract to purchase goods from XYZ Inc at fair value the compan... View the full answer