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On April 1 a commoditys spot price is $30 and its October futures price is $27. On September 1 the spot price is $32 and

On April 1 a commoditys spot price is $30 and its October futures price is $27. On September 1 the spot price is $32 and the October futures price is $28.30. A company entered into futures contracts on April 1 to hedge its purchase of the commodity on September 1. It closed out its position on September 1. What is the effective price (after taking account of hedging) paid by the company?

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