At December 31, 2020, Nash Company has outstanding noncancelable purchase commitments for 32,800 gallons, at $4.20 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. a) Assuming that the market price as of December 31, 2020, is $3.78, record the journal entry. b) Give the entry in January 2021, when the 32,800-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $3.78 per gallon. Prepare the journal entry for when the materials are received in January 2021.

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.