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 $6.75 B 1440 6.00 C 240 4.50 Waste 240 0.00 Required a. Prepare the purchase entry assuming a perpetual inventory system. b. Determine the value of ending inventory assuming the following quantities are in inventory at year-