Cxercise 9 12 At December 31, 2017, Crane Company has outstanding noncancelable purchase commitments for 39,000 gallons, at 53.54 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost cr market, whichever is lower Assuming that the markr price as of December 31, 2017, is $3.19, record the journal entry. (Credit account titles are artomatically Indented when amount is enterad. Do not indent manerally. If no entry is required, select "No entry" for the account tities and enter O for the amiunts. Round answars to O dacimal placas, a.g. 625) Date Aocount Titles and Explanation Debit Credit Dec. 31 Give the eritry i January 2019, when the 29,000-gallorn shipment is reteived, assurning that the situation aivern in (2) above existed at Detenber 31, 2017, and that the market price in Jaruary 2018 was $2.19 per uaon. Prepare the journal entry for when the materials are received in January 2018. (Credit account titles are autoatically indented whhen anount is entered. Do not indent manudlly. Ino entry is required, select "No entry" for tre account titles and enter 0 for the aiounts. Round aswers to 0 decimal places, e.g. 6,225.) Date Account Titles and Explanation an, 2018 Dabit Credit