A trader opens a position in soybean futures contracts at a futures price of USD 9.50 per bushel. Each contract is for the delivery of 5,000 bushels of soybean. A week later, the trader offsets the futures position at a price of USD 9.75 per bushel Consider the following statements on the trader's position in the futures contract. Statement I. If the trader makes a gain of USD 6,250, the initial position was a purchase of 5 contracts. Statement II. If the trader makes a loss of USD 7,500, the initial position was a sale of 6 contracts. Which of the following is correct?

a. Statement I is correct, Statement II is incorrect.

b. Statement I is correct, Statement II is correct.

c. Statement I is incorrect, Statement II is correct.

d. Statement I is incorrect, Statement II is incorrect.