Suppose today is March 27, 2018, and your firm produces breakfast cereal and needs 160,000 bushels of corn in July 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 July. Use Table 25.2

a.	What is the total price are you locking in for the 160,000 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 $4.32 per bushel in July. 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 Metal & Petroleum Futures Open High No Copper-High (0) 25.000 lbs.Sperib May 2008 2008 301 Gold COMO-100 try. Spertroyer FRE $$$ $$ 935 BEST baly 2018 NNN 3388 ini DJ Industrial Average (CBT)$5xIndex S. 500 Index (OME)-S2S 61.20 267920 28 Sept 2605.00 2000 SAP Midcap doo COME SI Misdaa 100 COMES 501 lume 2758 Seo2000 4245 un 1548.00 1557.00 Mind Russels 11-20 NUS June 89:25 -06 35.44 RE RS Table 25.2 Futures Contracts Quote, March 28, 2018 SOURCE: The Wall Street Journal, March 28, 2018, www.wsj.com Futures Contracts Metal & Petroleum Futures Open High No Copper-High (0) 25.000 lbs.Sperib May 2008 2008 301 Gold COMO-100 try. Spertroyer FRE $$$ $$ 935 BEST baly 2018 NNN 3388 ini DJ Industrial Average (CBT)$5xIndex S. 500 Index (OME)-S2S 61.20 267920 28 Sept 2605.00 2000 SAP Midcap doo COME SI Misdaa 100 COMES 501 lume 2758 Seo2000 4245 un 1548.00 1557.00 Mind Russels 11-20 NUS June 89:25 -06 35.44 RE RS