The fast food industry is reopening and because of supply constraints - Max's burger shop is afraid that bacon prices will increase so he wants to enter into a transaction with a pork producer to offset potential price increases. the pork producer will agree to sell his production forward to lock in what they think are attractive prices given today's pork belly prices are quoted as $0.90825 per pound per contract. They both agree to swap production. The one year forward price at which they will transact is $1.0050 per pound. One year later - spot prices are actually $0.62 a pound. a) Who made a profit/loss? and how much were the losses/gains. They each transact 650,000 pounds of pork bellies and one contract represents ties is 40,000 pounds. Show your work clearly. (10 marks)