The following information was derived from the 2014 accounting records of perez co.: perez's goodsperez's central warehouse held by consigneesbi $130,000 $14,000purch 525,000 70,000fr-in 10,000transp. to consig. 5,000fr-out 30,000 8,000ei 145,000 25,000perez's 2014 cost of sales was: a. $520,000.b. $550,000.c. $584,000.d. $589,000.

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)