Calculating the purchase cost of inventory in a fair value hedge of a firm commitment. Assume that our company enters into a firm commitment on July 15 to purchase 1,000 troy ounces of gold in December that will be used in our manufacturing process. The firm price commitment is required by our supplier. We expect the price of gold to decline over this period, however, and would, therefore, prefer to purchase it at the prevailing market price. Therefore, on July 15, we enter into a six-month forward contract to sell 1,000 troy ounces of gold on December 15 at the current forward rate of $310/troy ounce. Thus, the forward contract essentially "unlocks" the firm commitment. The forward contract requires net cash settlement on December 31, 20X1 and has a fair value of zero at inception. Assume that the spot price for gold declines to $285 on December 15. At what amount will the gold inventory be recorded when purchased