In March $2024,$ the Metal Tool Company signed two purchase commitments. The first commitment requires Metal to purchase inventory for $$110,000$ by June $15,2024.$ The second commitment requires the company to purchase inventory for $$160,000$ by August $20,2024.$ The company's fiscal year$-$end is June $30.$ Metal uses a periodic inventory system.

The first commitment is exercised on June $15,2024,$ when the market price of the inventory purchased was $$90,000.$ The second commitment was exercised on August $20,2024,$ when the market price of the inventory purchased was $$125,000.$