Tov just opened her first fruit stand. The fruit stand sells one product, mangos, for $1 each. The demand for mangos in LA is strong: 50 mangos per day, very steadily. Tov orders her mangos from a supplier in India for $0.50 per mango. The supplier charges a fixed $25 delivery fee cost, irrespective of the size of the shipment, and guarantees 5-day delivery. Like most small business owners, Tov has been borrowing capital from the bank while she gets established. The bank charges her interest at a rate of 10% per year. Assuming mangos don't spoil, how often should Tov order mangos?

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.)