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Accounting for Inventory Transactions with Purchase Commitments The following data is from Sonic Inc. perpetual inventory system and the FIFO inventory method. - Dec. 31, Year 1: At Sonic's December 31 year-end, the selling price of inventory is at $6.75 per unit. - Jan. 25, Year 2: Sonic purchased the 20,000 units contracted; the selling price of inventory on this date is $6.70 per unit. - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/Acredit" as the account names and leave the Dr. and Cr. answers blank (zero). a. November 1 , Year 1 (initiation of contract). b. December 31, Year 1 (end of reporting period). c. lanuary 25, Year 2 (purchase date). Accounting for Inventory Transactions with Purchase Commitments The following data is from Sonic Inc. perpetual inventory system and the FIFO inventory method. - Dec. 31, Year 1: At Sonic's December 31 year-end, the selling price of inventory is at $6.75 per unit. - Jan. 25, Year 2: Sonic purchased the 20,000 units contracted; the selling price of inventory on this date is $6.70 per unit. - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/Acredit" as the account names and leave the Dr. and Cr. answers blank (zero). a. November 1 , Year 1 (initiation of contract). b. December 31, Year 1 (end of reporting period). c. lanuary 25, Year 2 (purchase date)