Forward exchange contract designated as a fair value hedge of a foreign-currency-denominated firm commitment to sell inventory, weakening \$US Our U.S.-based company enters into a "firm commitment" with a Malta-based retailer on November 10, 2021. The firm commitment requires our company to sell 98,000 units of an inventory item costing 9.00 each to the Maltese company. Our company is contractually committed to ship the inventory (i.e., title transfers) on February 10,2022, with payment in Euros on the same date. Our company does recurring business with the Maltese company, and the firm commitment includes significant monetary penalties for nonperformance. Also assume, on November 10,2021, our company enters into a contract with a foreign currency exchange broker to sell Euros (for settlement on February 10,2022) to mitigate the risk of exchange rate fluctuation. Our company's functional currency is the \$US, and our forward exchange contract qualifies as a fair value hedge. The relevant exchange rates and related balances for the period from November 10,2021, to February 10, 2022, are as follows: For settlement on February 10, 2022 - Ignore discounting in the computation of fair values. Prepare the journal entries to record the sale and all adjustments required for the firm commitment and forward contract at November 10,2021, December 31, 2021, and February 10, 2022. Reconcile to the forward rate at the forward contract's inception the net cash received for both the sale of goods and the settlement of the forward-contract derivative. What amount of sales was recognized in the quarter ending December 31, 2021? What amount of sales was recognized in the quarter ending March 31,2022 ? Explain these amounts. What is the total amount of sales recognized across the quarters ending December 31, 2021, and March 31, 2022 ? Reconcile this total to your answer to part b