Valuing Inventory and Recording Entries Using Relative Sales Value Method AVC Inc. purchased 2,880 bags of pecans that cost $10,080. The company also incurred $720 for transportation and grading. The relative sales value method is used to allocate the lump sum cost. The pecans graded out as follows. Grade Quantity (bags) Current Market Price per Bag A 960 $675 B 1440 6.00 240 450 Waite 240 0.00 Required a. Prepare the purchase entry assuring a perpetual inventory system. b. Determine the value of ending inventory assuming the following quantities are in inventory at year-end: grade A, 240 bags: grade 8, 192 bags and grade C, 96 bags c. Prepare the entry for sale of 48 bags of grade A pecans at a market price of $6.75 cash per bag Note: Carry all decimals in calculations; round the final answer to the nearest dollar Account Name Invertory-Grade A Inventory-Grade Inventory-Grade C Cash Tomed the the oft Inventory-Grade A S 108 x 7268 Dr. 10.368 10,464 10128 0x 30.900x O