Downloadable eTextbook You are provided with the following information for Martinez Inc., which purchases its inventory from a supplier for cash and has only cash sales. Martinez uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Cost/Price $83 Date Explanation Apr. 1 Beginning inventory 6 Purchases 8 Sales 15 Purchases 20 Sales 27 Purchases Units 50 110 (130) 120 94 124 72 100 (120) 20 57 Prepare all journal entries for the month of April for Martinez, the buyer. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 1.25. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit April 1 (To record sales) (To record cost of goods sold) 15 20 (To record sales) 20 (To record the inventory sold) 27 Determine the ending inventory amount for Martinez. (Round answer to 2 decimal places, e.g. 1.25.) Ending Inventory SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT On April 30, Martinez learns that the product has a net realizable value of $51 per unit. What amount should ending inventory be valued at on the April statement of financial position? (Round answer to nearest whole dollar, e.g. 1525.) Ending Inventory Valued at SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT