Business, 26.02.2020 04:59 elirosejohlandancel

On January 2 of the current year, LTTI Co. entered into a three-year, non-cancelable contract to buy up to 1 million units of a product each year at $.10 per unit with a minimum annual guarantee purchase of 200,000 units. At year end, LTTI had only purchased 80,000 units and decided to cancel sales of the product. What amount should LTTI report as a loss related to the purchase commitment as of December 31 of the current year?

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On January 2 of the current year, LTTI Co. entered into a three-year, non-cancelable contract to buy...

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