Problem 9-18 Purchase commitments (Appendix] In November 2018, the Brunswick Company signed two purchase commitments. The first commitment requires Brunswick to purchase 17,000 units of inventory at $14 per unit by December 15, 2018. The second commitment requires the company to purchase 27,000 units of inventory at $15 per unit by March 15, 2019. Brunswick's fiscal year-end is December 31. The company uses a periodic inventory system. Both contracts were exercised on their expiration date. Required: 1. Prepare the journal entry to record the December 15 purchase for cash assuming the following alternative unit market prices on that date: a. $14.50 b. $13.50 2. Prepare any necessary adjusting entry at December 31, 2018, for the second purchase commitment assuming the following alternative unit market prices on that date: a. $16.50 b. $14.30 3. Assuming that the unit market price on December 31, 2018, was $14.30, prepare the journal entry to record the purchase on March 15, 2019, assuming the following alternative unit market prices on that date: a. $15.50 b. $14.00