Current Attempt in Progress At December 31, 2020, Splish Brothers, Inc., a manufacturer, has outstanding noncancelable purchase commitments for 66,000 pounds of raw material to be used in its manufacturing process. The purchase commitments require Splish Brothers, Inc. to pay $14 per pound for the raw material. The company prices its raw material inventory at cost or market, whichever is lower. (a2) Assuming that the market price as of December 31, 2020, is $11.00, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31 Attempts: 0 of 1 used Submit Answer Save for Later (c2) The parts of this question must be completed in order. This part will be available when you complete the part above