Medi Corporation, a manufacturer of ethnic foods, contracted in 2016 to purchase 2,000 pounds of a spice mixture at $5.15 per pound, delivery to be made in May of 2017. By December 31, 2016, the price per pound of the spice mixture had risen to $5.65 per pound. In 2016, Medi should recognize O a loss of $10,300. O again of $1,000. O a loss of $1,000. O no gain or loss. M