At December 31, 2017,CoronadoCompany has outstanding noncancelable purchase commitments for39,600gallons, at $3.78per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Give the entry in January 2018, when the39,600-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2017, and that the market price in January 2018 was $3.40per gallon. Prepare the journal entry for when the materials are received in January 2018.(Credit account titles are automatically indented when 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. Round answers to 0 decimal places, e.g. 6,225.)