On August 8, 2020, Beta Corp. signed a purchase commitment to purchase inventory for $380,000 on or before March 1, 2021. The company's fiscal year-end is December 31. The contract was exercised on January 31, 2021, and the inventory was purchased for cash at the contract price. The market price of the inventory on January 31, 2021, (the purchase date) was $394,000. The market price of the inventory on December 31, 2020, was $352,000. Beta Corp. uses a perpetual inventory system. How much loss on the purchase commitment will Beta Corp. recognize in 2020? Multiple Choice 0. $28,000. O $14,000. O O O $42,000