Exercise 9-12 (Part Level Submission) At December 31, 2017, Wildhorse Company has outstanding noncancelable purchase commitments for 32,800 gallons, at $4.20 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower (b2) Assuming that the market price as of December 31, 2017, is $3.78, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,225.) Date Account Titles ad Explanation Debit Credit Dec. 31