On March 1, Cotton commoditys spot price is $60 and its August futures price is $59. On July 1, the spot price is $64 and the August futures price is $63.50.(Show Work)

	Spot Price	August Futures Price
Cotton Commodity, March 1	$60	$59
Cotton Commodity, July 1	$64	$63.50

Levi Strauss entered into futures contracts on March 1 to hedge its purchase of Cotton commodity on July 1. It closed out its position on July 1. State whether Levi Strauss would take a long or short position and what effective price was paid by the company, after taking account of hedging?