On March 1, a commodity's July futures price is $59. On July 1 the spot price is $64 and futures price is $63.50. A company entered into futures contracts on March 1 to hedge its purchase of the commodity on July 1. It closed out its position on July 1 via reverse trade. What is the net final price paid by the company? $59.50 $60.50 $61.50 $63.50