Six months from now, Farmer Ray will harvest 15,000 bushels of wheat. In doing so, he incurs costs of $94,000. The current spot price of wheat is $6.70 per bushel, and the six-month forward price is $6.97. Suppose Ray decides to sell wheat forward. What total profit would he earn if the market price of wheat at harvest time is $6.10, $6.50, $6.90, and $7.30, respectively?

Answers: a. $10,550; $10,550; $10,550; $10,550

b. $7,556; $7,556; $13,556; $13,556

c. $2,500; $3,500; $9,500; $15,500

d. $7,796; $13,796; $16,796; $16,796

e. $3,796; $3,796; $796; $5,204

Please explain with formulas, thank you.