Required information On March 1, 2022, a company purchased a futures contract for 5,000 barrels of oil at $31 per barrel to hedge the cost of a future purchase. The contract specified delivery on April 30, 2022. Spot prices for crude oil during the contract period are provided below. Price of crude oil (per barrel): March 1 $31 March 31 April 27 $48 $44 On April 27, the company purchased the needed 5,000 barrels of oil at the market price of $44. The company also settled the futures contract on this date (assume cash settlement). Use the information above to answer the questions below. What is the net hedged cost of the oil purchased on April 27? Net hedged cost: