As of January $2025,$ a company anticipates purchasing $100,000$ pounds of copper in April $2025.$ On January $1,$

$2025,$ the company enters into a copper futures contract. Terms of the contract were as follows:

Contract size: $100,000$ pounds of copper

Delivery price: $$2\mathrm{.}70$ per pound

Expiration: April $1,2025$

Spot prices for copper $($per pound$)$ over the contract period were the following:

On April $1,2025,$ the company purchased the needed $100,000$ pounds of copper at the market price of $$2\mathrm{.}90$ per

pound. The company also settled the futures contract on this date.

On June $15,2025,$ the company sold the finished products.

Required:

Indicate any amounts that the company would have included in its March $2025$ quarterly balance sheet related to

the futures contract.

In what month is the company's net income impacted by the gain or loss on the futures contract?

What is the net cost of goods sold of the copper inventory?

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$ and $3$

$(2)$ In what month is the company's net income impacted by the gain or loss on the futures contract?

$(3)$ What is the net $($

of goods sold of the copper inventory?