Suppose today is December 4, 2020, and your firm produces breakfast cereal and needs 115,000 bushels of corn in March 2021 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might go up between now and March. Use Table 25.2

Corn (CBT)-5,000 bu: cents per bu Dec 419.25 423.25 417.75 422.50 March'21 424.00 427.50 422.00 426.50 3.50 6.680 275 900.392

a.	What is the total price you are locking in for the 115,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
b.	Suppose corn prices are $4.75 per bushel in March. What is the profit or loss on your futures position? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)