Question 1.2 (6 marks) In 2022, Henson Inc. signs a long-term noncancelable purchase commitment for 7,500 kilograms of raw material to be used in its manufacturing process. The purchase commitment requires Henson Inc. to pay $12.00 per kilogram for the raw material in 2023. At Dec. 31, 2022, the market price per kilogram of raw material is $10.50. Instruction: Prepare a necessary entry at Dec. 31, 2022, if any. Question 1.3 (6 marks) The following information is presented for Sports Time. The net income figures are computed without knowledge of the errors in ending inventory. Assume that there is no error in the 2021 ending inventory Year Net Income per Books Error in Ending Inventory 2022 $19,200 Understated $2,700 2023 11,800 Overstated 3,200 Instruction: Compute the correct net income for year 2022 and 2023, after taking into account the inventory errors