Problem 26-27 Hedging 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 $1,230 per ounce. Suppose the spot price of platinum falls to $1,165 in three months' time, answer the following: a-1. Calculate the profit or loss on the futures contract. (Enter the amount as a positive value.) a-2. What is the total cost to Phoenix of buying the platinum? Suppose the spot price of platinum increases to $1,435 after three months, answer the following: b-1. Calculate the profit or loss on the futures contract. (Enter the amount as a positive value.) b-2. What is the total cost to Phoenix of buying the platinum? a-1. a-2. Total cost b-1. b-2. Total cost