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Valuing Inventory and Recording Entries Using Relative Sales Value Method AVC Inc. purchased 720 bags of pecans that cost $2,520. The company also incurred $180 for transportation and grading. The pecans graded out as follows. Grade Quantity (bags) Current Market Price per Bag A 240 $6.75 B 360 6.00 C 60 4.50 Waste 60 Required Assume the relative sales value method is used to allocate lump sum costs. Carry all decimals in calculations; round the final answer to the nearest dollar. a. Prepare the purchase entry assuming a perpetual inventory system. b. Determine the value of ending inventory assuming the following quantities are in inventory: grade A, 60 bags; grade B, 48 bags, and grade C, 24 bags. C. Prepare the entry for sale of 12 bags of grade A pecans at a market price of $6.75 cash per bag. Account Name Dr. Cr. 0 O a. Inventory-Grade A Inventory-Grade B Inventory-Gradec Accounts Payable 1,080 1,431 180.09 0 0 2,691 x