Consider a gold-mining firm that expects to sell 1 oz. of gold on July 1. On March 1, it takes a short position in one September futures contract to hedge, and the September futures price for gold is $1000/oz. On July 1, the spot price of gold is 1100/oz, and the September futures price for gold is 1200/oz. The firm sells gold and closes out its futures position on July 1. What is the firms effective selling price of gold on July 1?

A. 1200 B. 1100 C. 1000 D. 900 E. None of above