On August $1,$ Pure Joy Corporation $($a U$.$S$.-$based Importer$)$ placed an order to purchase merchandise from a forelgn suppller at a price of $400,000$ pounds. Pure Joy will recelve and make payment for the merchandlse In three months on October $31.$ On August $1,$ Pure Joy entered into a forward contract to purchase $400,000$ pounds in three months at a forward rate of $$0\mathrm{.}60$ per pound. The company properly designates the forward contract as a falr value hedge of a forelgn currency firm commitment. The fair value of the firm commitment is measured by referring to changes in the forward rate and, therefore, forward points are included in assessing hedge effectlveness. Relevant U$.$S$.$ dollar exchange rates for the pound are as follows:

$\backslash$table$[[$Date$,$Spot Rate,$\backslash$table$[[$Forward Rate $($to$],[$October$],[$August$]]],[$September $30,$$$0\mathrm{.}60,$$$0\mathrm{.}60$