On July 10, 2024, a company signed a purchase commitment to purchase inventery for $250,000 on or before February 15,2025 . The company's fiscal year-end is December31. 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 irmentory was $258,000. The market price of the inventory on December 31,2024, was $223,000. The company uses i perpetual inventory system. How much loss on purchase commitment will the company recognize in 2024? Muttple Choice $35,000 $8,000 None $27,000