On July 10.2021, Johnson Corporation signed a purchase commitment to purchase inventory for $236.000 on or before February 15, 2022. The company's fiscal year-end is December 31 The contract was exercised on February 1, 2022 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 $246,000. The market price of the inventory on December 31, 2021. was $198.000. The company uses a perpetual inventory system At what amount will Johnson record the inventory purchased on February 1, 2022? Multiple Choice $236.000 $246,000 $208,000 $198.000 Montana Co. has determined its year-end inventory on a FIFO basis to be $623.000. Information pertaining to that inventory is as follows: Selling price Costs to sell Replacement cost $610,000 36,000 540,000 What should be the reported value of Montana's inventory? Multiple Choice O $599,000 $574.000 O $540,000 $610.000