Phoenix Motors wants to lock in the cost of 10,000 ounces of platinum to be used in next quarter's production of catalytic converters. It buys three-month futures contracts for 10,000 ounces at a price of $1,300 per ounce. Suppose the spot price of platinum falls to $1,200 in three months' time. a-1. Calculate the profit or loss on the futures contract. (Enter the amount as a positive value.) Loss $ 1,000,000 a-2. What is the total cost to Phoenix of buying the platinum? (Enter the amount as a positive value.) Total cost $ 13,000,000 Suppose the spot price of platinum increases to $1,400 after three months. b-1. Calculate the profit or loss on the futures contract. (Enter the amount as a positive value.) Profit $ 1,000,000 b-2. What is the total cost to Phoenix of buying the platinum? Total cost $ 13,000,000