How do I calculate, or measure, all values in a simple A.C. circuit?
120V is the RMS voltage of the supplied AC voltage: -



Power formulas are based on P = VI and ohms law. Ohms law states that V=IR therefore power can be re-written to (IR)I = I\$^2\$R. You can do the same trick for substituting I to get \$V^2\$/R.


  Is it normal that the resistance of the conductor is not included in
  the calculations?


You can take wire resistance into account if you want but the question raised does not require this nor provide information.


  What values would I see if I used a voltmeter, ammeter, watt meter?


You'd pretty much see what you calculated (I did double check your numbers by the way).



Current in a pure inductor: -

Basic formula is Applied Voltage = L\$\dfrac{di}{dt}\$.

(Yes, this seems backwards in that we are wanting to apply a known voltage and derive current but bear with me)....

This means that if the current is a sinewave then the voltage is the mathematical differentiation of a sine wave i.e. a cosine wave: -



Or, more generally, if you apply a sinewave voltage to a pure inductor then the current "lags" the voltage waveform by 90 degrees or one-quarter of a cycle.