Question 10 At December 31, 2020, Metlock Co. has outstanding purchase commitments for 141,000 gallons, at $6.50 per gallon, of a raw material to be used in its manufacturing process. The company prices its raw material Inventory at cost or market, whichever is lower. Assuming that the market price as of December 31, 2020, is $6.20, how would you treat this situation in the accounts? (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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31