Each year, Pritzker Corp. needs over 2,000 tons of copper to produce electrical medical equipment. Fearing a copper shortage and price increase in late spring, management entered into a purchase commitment on February 15, 2020 to purchase 500 tons of copper from March 1 through June 30, 2020 at a price of $4,500 per ton. Assume that Pritzker Corp is required to prepare quarterly financial statements (i.e. March 31, June 30, September 30, and December 31). QUESTION 11 On May 30, Pritzker Corp. purchased all 500 tons at the agreed-upon price of $4,500 on. The market price on this date was $4,450 per ton. Prepare a journal entry to reflect this transaction. T T T Arial 3 (12pt) T. . . . 25 Path:p Words:0 QUESTION 12 On June 30, 150 tons of the purchased copper inventory remained on hand. However, due to unexpected supplies of copper, the market price (and net realizable value) has declined to $4,300. Prepare a journal entry, if necessary, to reflect this circumstance