Reference no: EM132213349
Question: Instructions: Answer the following questions. Each answer or conclusion must be supported by appropriate references to the FASB Codification, by using correctly formatted citations. Do NOT copy and paste the codification sections. Writing counts. Your work must be organized and logical, using properly structured paragraphs and sentences, correct grammar and without spelling errors. It is important to consider who is your audience.
1. On October 1, 2018, DAW Inc. signed a long-term, non-cancellable purchase commitment with a major supplier to purchase raw materials needed for production of the company's product during 2019 for $1,000,000. On December 31, 2018, the last day of the fiscal year, the raw materials to be purchased had a market value of $950,000. As the outsider auditor, explain to your client what, if any, GAAP would apply to the status of the purchase commitment. What would be your recommendation for reporting the purchase commitment at year end?
2. Your client's competitor recently introduced a new, more efficient and less expensive product compared to one of your client's very similar product. Prior to this introduction, sales of the client's product had met revenue and quantity of sale forecasts. Since the introduction by the competitor, sales (at the historical selling price) have slowed and inventory is beginning to build. Your client uses the FIFO cost flow assumption. Explain to your client what GAAP requires for the measurement of inventory at the end of the reporting period. In this particular case, what will your client need to consider?
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