At the end of the fiscal year, Apha airlines has an outstanding purchase commitment for the purchase of 1 million gallons of jet fuel at a price f $4....

At the end of the fiscal year, Apha airlines has an outstanding purchase commitment for the purchase of 1 million gallons of jet fuel at a price f $4.60 per gallon for delivery during the coming summer. The company prices its inventory at the lower of cost or market. If the maret price for jet fuel at the end of the year is $4.25 how owuld this situation be reflected in the annual financial statements?