Problem $9-18($Algo$)$ Purchase commitments $[$Appendix $9]$

In November $2024,$ the Brunswick Company signed two purchase commitments. The first commitment requires Brunswick to

purchase $24,000$ units of inventory at $$8$ per unit by December $15,2024.$ The second commitment requires the company to

purchase $34,000$ units of inventory at $$9$ per unit by March $15,2025.$ Brunswick's fiscal year$-$end is December $31.$ The

company uses a periodic inventory system. Both contracts were exercised on their expiration date.

Required:

Prepare the journal entry to record the December $15$ purchase for cash assuming the following alternative unit market

prices on that date:

a$.$ $$8\mathrm{.}60$

b$.$ $$7\mathrm{.}40$

Prepare any necessary adjusting entry at December $31,2024,$ for the second purchase commitment assuming the

following alternative unit market prices on that date:

a$.$ $$10\mathrm{.}60$

b$.$ $$8\mathrm{.}40$

Assuming that the unit market price on December $31,2024,$ was $$8\mathrm{.}40,$ prepare the journal entry to record the purchase

on March $15,2025,$ assuming the following alternative unit market prices on that date:

a$.$ $$9\mathrm{.}60$

b$.$ $$8\mathrm{.}00$