Refer again to the Farasis Energy Lithium Carbonate price risk situation. In this permutation, assume that the managers must buy $6$ metric tones of Lithium Carbonate and have cross$-$hedged their exposure using a position in $5$ CME Lithium Hydroxide futures contracts. The Lithium Carbonate spot price was $$46,500$ per metric ton when the hedge was put in place while the Lithium Hydroxide futures price was $$59,125$ per metric ton.

Suppose that the managers purchase the required Lithium Carbonate in the spot market on July $15$ at a price of $$50458\mathrm{.}45$ per metric ton. On the same day, the managers close out their futures contract position when the Lithium Hydroxide futures price is $$64353\mathrm{.}61$ per kilogram. kilograms $=1$ metric ton$).$ What is the effective total net cost which the firm will incur for the required $6$ metric tons of Lithium Carbonate?

Report your answer in dollars and cents.

Answer: