Suppose today is November 22, 2011, and your firm produces breakfast cereal and needs 90,000 bushels of corn in March 2012 for an upcoming promotion. You would like to lock in your costs today because you are concerned that corn prices might rise between now and March. Use Table 25.2

a. What is the total price are you locking in for the 90,000 bushels of corn based on the day's closing price? (Do not round intermediate calculations.Round your answer to 2 decimal places. (e.g., 32.16))

Total cost $

b. Suppose corn prices are $6.08 per pound in March. What is the profit or loss on your futures position? (Input the amount as positive value. Round your answer to 2 decimal places. (e.g., 32.16))

$