Question 5 20 pts During 2019, Raider Red Company signed a noncancelable purchases commitments for 36,000 gallons at $3.00 per gallon of raw material to be used in manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. At December 31, 2019 the market price of the material dropped to $2.80 per gallon. At December 31, 2020 the market price of the material dropped to $2.95 per gallon. The material was received in March 3, 2021 and the market price was $3.02 per gallon. Assume the company uses the period inventory system. Instructions Prepare the journal entries for a.) point when purchase commitment was signed, b.) 12/31/19, c.) 12/31/2020 and d.) 3/3/21. Be sure to use good entry form