On July $10,2024,$ a company signed a purchase commitment to purchase inventory for $$350,000$ on or before F$

The company's fiscal year$-$end is December $31.$ The contract was exercised on February $1,2025,$ 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 $$361,000.$

The market price of the inventory on December $31,2024,$ was $$322,000.$ The company uses a perpetual inventory system.

How much loss on purchase commitment will the company recognize in $2024?$

Multiple Choice

$$11,000.$

$$28,000$

$$39,000.$