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On July 1 0 , 2 0 2 1 , Lynn Corporation signed a purchase commitment to purchase inventory for $ 2 0 0 ,
On July Lynn Corporation signed a purchase commitment to purchase inventory for $ on or before February The company's fiscal yearend is December The contract was exercised on February and the inventory was purchased for cash at the contract price. On the purchase date of February the market price of the inventory was $ The market price of the inventory on December was $ The company uses a perpetual inventory system.
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