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On March 1 a commoditys spot price is $120 and its August futures price is $119. On July 1 the spot price is $144 and

On March 1 a commoditys spot price is $120 and its August futures price is $119. On July 1 the spot price is $144 and the August futures price is $143.50. A company entered into futures contracts on March 1 to hedge its sale of the commodity on July 1. It closed out its position on July 1. What is the effective price (after taking account of hedging) received by the company?

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