A jewelry manufacturer issues a purchase order for 1,000 ounces of gold in 90 days. To hedge against increases in the price of gold, it purchases 1,000 ounces of gold futures for delivery in 90 days at $1,350 per ounce, also the current market price (spot). The company makes a $20,000 margin deposit. In 90 days, the market price (spot) of gold is $1,400; the company closes out its futures position and purchases the gold several days later for $1,395 per ounce. A few months later, the company sells jewelry products containing the gold. At what amount will the cost of goods sold be reported while calculating gross margin? a. 51,350,000 b. 51,395,000 C. 51,400,000 d. 51,345,000