Recording Inventory Entries with Purchase Commitments on Reporting Dates On November 1 of the current year, a company entered into a purchase contract (not subject to revision or cancellation) to purchase 1,100 units of inventory for $50 per unit before January 31 of the next year. On November 1 , the contract price was equal to the market price. The company measures the cost of inventory using the LIFO inventory method. a. If the inventory has a market price of $45 per unit on December 31 , what entry (if any) does the company record on that date when preparing financial statements? b. If instead the inventory has a market price of $55 per unit on December 31 , what entry (if any) does the company record on that date when preparing financial statements? - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero)