Question 1 At December 31, 2020, Marin, Inc., a manufacturer, has outstanding noncancelable purchase commitments for 58,500 pounds of raw material to be used in its manufacturing process. The purchase commitments require Marin, Inc. to pay $18 per pound for the raw material. The company prices its raw material inventory at cost or market, whichever is lower (a2) Assuming that the market price as of December 31, 2020, is $10.00, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Click if you would like to Show Work for this question: Open Show Work By accessing this question Assistance, you will learn while you earn points based on the point Potential policy set by your instructor Attempts: 0 of 1 used SAVE FOR LATER SUNNAN Question 3 At a lump-sum cost of $73500, Wildhorse Company recently purchased the following items for resale: Item No. of Items Purchased Resale Price Per Unit M 4900 $4.20 z 2450 12.90 o 6900 6.90 The appropriate cost per unit of inventory is: No $3.65 $11.20 $5.99 $5.16 $5.16 $5.16 $4.20 $12.90 $6.90 $3.09 $9.50 $5.08 Click if you would like to Show Work for this question: Open Show Work Question 3 At a lump-sum cost of $73500, Wildhorse Company recently purchased the following items for resale: Item No. of Items Purchased Resale Price Per Unit M 4900 $4.20 z 2450 12.90 o 6900 6.90 The appropriate cost per unit of inventory is: No $3.65 $11.20 $5.99 $5.16 $5.16 $5.16 $4.20 $12.90 $6.90 $3.09 $9.50 $5.08 Click if you would like to Show Work for this question: Open Show Work