Yokochan bakeries specializes in making cakes cookies and

Reference no: EM13583953

Yokochan Bakeries specializes in making cakes, cookies and other pastries out of rice flour which they grind themselves. Yokochan anticipates purchasing 40000 pounds of rice in Jan 2009. On Nov 1 2008 Yokochan entered into a futures contract with Sagara Growers to purchase 40,000 pounds of rice on january 1 2009 at $0.50 per pound. On December 31, 2008 and Jan 1 2009 the prevailing market price for rice is $0.55 per pound. Yokochan purchases the rice and settles the futures contract on january 1 2009. Make the necessary entries on Yokochan's books at

a. November 1 2008

b. December 31 2008

c. January 1 2009

Reference no: EM13583953

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