Suppose today is March 27, 2018, and your firm produces breakfast cereal and needs 110,000 bushels of corn in May 2018 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 May. Use Table 25.2 a. What is the total price are you locking in for the 110,000 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 $4.05 per bushel in May. 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.) Table 25.2 Futures Contracts Quote, March 28, 2018 SOURCE: The Wall Street Journal, March 28, 2018, www.wsj.com. Futures Contracts copper-Fight(CRA) Gold (CMX- 118713 935868 Open High hilo Sugar-World OCE-US)-1120 gar-Domestic May 24.45 24.45 Cotton Ar May 81.88 82.77 Julce (ICE-US)-15,000 lbs. cont pr 122.60 128 60 137.00 138.00 ury Bonds (CBT)-$100.000, ats 32nds of 1008 144-140 145-280 144-110 145-200 143-280 144-150 120-090 120-195 114-162 114-162 114-015 114-145 106-117 120-290 120-010 120-205 114-160 114-215 114-007 114-120 106-172 106-185 106-072 106-107 98.498 98.498 98.320 98.325 2.960 94.625 97.9550 97.9600 Franc (CME)-C alian Dollar (CME)-A 1.90 1.977 14.0 3.490,478 14.5 9.2 2,819 9.0 3.364.565 27 1829.733 122.332 364,065 563 27.183 -00505 7778-0006 121.58 1403 14167-0074 1125 24.08-0048 98,419 197 305 23890 -337 490 2615.70 -43.80 50,59 i DJ Industrial A 24231 24454 P500 Index (CME)-$250x Index Mini S&P 500CME June 2659.50 2679.75 2500 Sept 2665.00 2684.25 2600.2 Mini S&P Midcap 400 (CME)-510 5. Dollar Index Average (CBT)-55x index 73736