Suppose your firm produces breakfast cereal and needs 150,000 bushels of corn in December 2020 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 December. Use Table 23.1. a. What total cost would you effectively be locking in based on the closing price of the day? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. Suppose corn prices are $3.18 per bushel in December. What is the profit or loss on your futures position? (Do not round intermediate calculations and enter your answer as a positive value rounded to the nearest whole number, e.g., 32.) a. Total cost b. Profit Metal & Petroleum Futures Contract High hi Lo Low Settle Open Interest Open Chg 318.00 320.75 1.50 Corn (CBT)5,000 bu; cents per bu July 320.00 322.00 Dec 332.25 334.00 Oats (CBT)5,000 bu; cents per bu 603,507 346,236 330.75 332.75 -75