1. Kumar Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $214,000,000 at both cost and net realizable value. At December 31, 2020, the inventory was $286,000,000 at cost and $265,000,000 at net realizable value. Prepare the journal entry under (use General Journal Form attached) (a) the cost-of-goods-sold method and (b) the loss method. 2. Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,000,000. At December 31, 2020, the raw materials to be purchased have a market value of $950,000. Prepare any necessary December 31, 2020,(use General Journal Form attached) 3. Use the information for Kemper Company from the previous. In 2021, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase entry (use General Journal Form attached) ch00 anty

1. Kumar Inc. uses a perpetual inventory system, At January 1, 2020, inventory was $214,000,000 at both cost and net realizable value. At December 31,2020 , the inventory was $286,000,000 at cost and $265,000,000 at net realizable value. Prepare the journal entry under (use General Joumal Form attached) (a) the cost-of-goods-sold method and (b) the loss method 2. Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of \$1,000,000. At December 31,2020, the raw materials to be purchased have a market value of $950,000. Prepare any necessary December 31, 2020.(use General Journal Form attached) 3. Use the information for Kemper Company from the previous. In 2021. Kemper paid \$1,000,000 to obtain the raw materials which were worth $950,000 Prepare the entry to record the purchase entry (use General Journal Form attached)