On July $10,2021,$ Lynn Corporation signed a purchase commitment to purchase inventory for $$200,000$ on or before February $15,2022.$ The company's fiscal year$-$end is December $31.$ The contract was exercised on February $1,2022,$ and the inventory was purchased for cash at the contract price. On the purchase date of February $1,$ the market price of the inventory was $$210,000.$ The market price of the inventory on December $31,2021,$ was $$180,000.$ The company uses a perpetual inventory system.