businessCourse Finish attempt Return to course Q2 Partly correct Mark 18.00 out of 23.00 Update O Support Dashboard Qianqian Yu- Valuing Inventory and Recording Entries Using Relative Sales Value Method AVC Inc. purchased 2,400 bags of pecans that cost $8,400. The company also incurred $600 for transportation and grading The pecans graded out as follows Grade Quantity (bags) Current Market Price per Bag C 800 1200 200 200 $6.75 6.00 450 Required Assume the relative sales value method is used to allocate lump sum costs Carry all decimals in calculations round the final answer to the nearest dollar. a. Prepare the purchase entry assuming a perpetual inventory system Determine the value of ending inventory assuming the following quantities are in inventory: grade A 200 bags: grade B 160 bags and grade C. 80 bags c. Prepare the entry for sale of 40 bags of grade A pecans at a market price of $6.75 cash per bag wentory-Grade wemory-Grade C Account Name 1000 eBook Print O Videos