In February $20$X$3,$ La Fondue Ltd$.$ signed a two$-$year contract with a Quebec cheese supplier to provide a minimum of $1,700$ kilograms

of fine cheese for fondue at a fixed price of $$27$ per kilogram. By the end of September, La Fondue had purchased $1,000$ kg at the

agreed$-$upon price. By the end of October, the end of the fiscal year, the open market price of the cheese dropped to $$22$ per $kg$ due

to excess capacity in the dairy industry. On $27$ November, La Fondue purchased $385kg$ at the contract price of $$27.$ The open market

price was $$23$ at that time.

Required:

Prepare any journal entries that are necessary on La Fondue's books to record the events in October and November. $($If no entry is

required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$