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7 March 2024. the Metai Tool Company signed two purchase commitments The first commidnent repuices Metel to parchase wernory for $100.000 by lune 15, 2024. The second comminent requ fes the compeny to purchase inventory for $150,000 by 4ugust 20,2024 The companys fiscal yearend is June 30 . Metal uses a pefiodic inventory systetr. The first commitment is exercised on June 15,2024 . When the market price of the inventory purchased was $85.000. The second commanyeat wac exercised on August 20, 2024, When the market price of the inventory purciased was $120,000. Required: Prepare the Sournal entries required on June 15. June 30. and August 20.2024, to account for the two purcnase commintments: Assume that the market price of the inventory related to the outstanding purchase commitment was 5180.000 at June 30 . Note: if no entry ls required for a transactlonievent, select "No journol entry required" in the first eccount field. Journal entry worksheet 3 Record the purchase of inventery related to the first purchase comminent, In March 2024, the Metal Tool Company signed two purchase commitments. The first conmitment requires Metal to purchase Ifvertory for $100.000 by June 15, 2024. The second commitrent requires the company to purchase inventory for $150.000 by. The first coinmitment is exercised on June 15. 2024, when the matket price of the jiventory purchased was $85000 The second commitment wos exercised on August 20, 2024, when the market price of the irventory purchased was $120.000 Required: Prepare the joutnal entries required on June 15. June 30, and August 20, 2024, to account for the two purchase commitments. Asaume that the market pice of the inventocy related to the outstanding purchase comminient was 5140,000 at June 30 . Note: it no entry is required for a trantaction/event, select 'No journal entry required" tis the firat eccount fleid: Journal entry worksheet Record any neceisary adjusting antiy related to the second puicchape commitiment. In March 2024, the Metal Tool Company signed two purchase commitments. The fifst canmitnent requires Metal to purchase Inventory for $100.000 by June 15,2024 . The second commitment requires the company to purchase inventory for $150.000 by The first conimitment is exercised on June 15, 2024, when the market price of the inventory purchiased was $85,000. The second commitment was exercised on August 20, 2024, when the market pnce of the inventory purchased was $120.000 Requlred: Prepare the joumbi entries required on June 15. June 30. and August 20; 2024, to account for the two purchase comimitments. Assume that the market price of the inventory related to the outstanding purchase comm trient was $140000 at June 30 ; Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first occount fleld. Journal entry worksheet Hecerd the purchase of inventery related to the second purchase commitnent