Question: On October 1. 2002, Gore Electronics Inc. entered into a 6-month. ($520,000) purchase commitment for a supply of Product A. On December 31, 2002, the

On October 1. 2002, Gore Electronics Inc. entered into a 6-month. $$520,000$ purchase commitment for a supply of Product A. On December 31, 2002, the market value of this material had fallen to $$421,500.$ Make the journal entries necessary on December 31, 2002, and on March 31. 2003, assuming that the market value of the inventon. on March31 is $$390,000$.

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