Required:

Prepare the journal entry to record the December $15$ purchase for cash assuming the following alternative unit market prices on that date:

$$12\mathrm{.}50$

$$11\mathrm{.}50$

Prepare any necessary adjusting entry at December $31,2024,$ for the second purchase commitment assuming the following alternative unit market prices on that date:

$$14\mathrm{.}50$

$$12\mathrm{.}30$

Assuming that the unit market price on December $31,2024,$ was $$12\mathrm{.}30,$ prepare the journal entry to record the purchase on March $15,2025,$ assuming the following alternative unit market prices on that date:

$$13\mathrm{.}50$

$$12\mathrm{.}00$