At December $31,2023,$ Monty Ltd$.$ has outstanding non$-$cancellable purchase commitments for $35,200$ litres of raw material at $$2\mathrm{.}20$ per litre. The material will be used in Monty's manufacturing process, and the company prices its raw materials inventory at cost or $NRV,$ whichever is lower.

$($c$)$

Assuming that the market price as at Deverer $31,2023,$ is $$1\mathrm{.}70$ per litre instead of $$2\mathrm{.}20,$ how would this commitment be treated in the accounts and statements? $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

$\backslash$table$[[$Date Account Titles and Explanation,Debit,$],[$Dec$.31,,,],[2023,,]]$