At December 31,2025 , Larkspur Compary has outstanding noncancelabbe purchase carnmitments for 32,800 gallons, at $420 per gallon, of raw material to be used in its manufacturing process. The compamy prices its raw material imentory at cost or market, whichever is lower, and uses a perpetual inventory system. (b2) Aswuming that the market price as of December 31, 2025, is \$3.78, record the journal entry, (L.ist all debit entries before credit entries. Credit account tities 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.) Give the entry in January 2026, when the 32.600-gallon shipment is recelved, assuming that the situation given in (b2) above existed at December 31. 2025, and that the market peice in Jarkiary 2026 was $3.78 per gallon. Prepare the journal entry for when the materials are receivedin Jansary 2026. (List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent mananily if no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)