Novak Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $911,500. At December 31, 2020, the raw materials to be purchased have a market value of $863,400. In 2021, Novak paid $911,500 to obtain the raw materials which were worth $863,400. Novak uses a periodic inventory system Prepare the entry to record the purchase. (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 for the amounts.) Account Titles and Explanation Debit Inventory 863400 Credit Purchase 48100 911500 e Textbook and Media