Accounting for Inventory Transactions with Purchase Commitments In Year 1, Moss Company signed a contract with a supphier to purchase 84,000 subassemblies at $30 each during Year 2 . When the contract was signed, the contract price Was less than the net realizable value of the inventory. The company uses the FFEO method to account for inventory. Assume Moss Company uses a periodic imentory system. Required a. The cost of whassembles has declined, and the estimated net realizable value is now 52,380.000 on December 31 of Veat 1 . Prepare any year-end entry required for this cost decline. b. The subsssemblies are recelved in Year 2 when the net realizable value is estimated at $2,380,000. The contract was paid in full in cash. Prepare the required purchase