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On December 31, 2020, Naysayer Company has outstanding purchase commitments for 10,000 gallons at P200 per gallon of raw material to be used in the

On December 31, 2020, Naysayer Company has outstanding purchase commitments for 10,000 gallons at P200 per gallon of raw material to be used in the manufacturing process. Required: Prepare journal entry under each of the following independent assumptions: a. The market price on December 31, 2020 is P210. b. It is expected that the market price will decline to P170 in early January 2021. c. The market price on December 31, 2020 is P170. d. The market price on December 31, 2020 is P170. On January 31, 2021 when the 10,000 gallon shipment is received, the market price is P150. e. The market price on December 31, 2020 is P170. On January 31, 2021 when the 10,000 gallon shipment is received, the market price is P210

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