Use the following facts for Multiple Choice problems 19 through 20: On November 3, the spot price for cotton was $0.8 1/lb., and the February futures price was $0.83/lb. On November 3, Levi Strauss sold 200 futures contracts on the commodity exchange at $0.83/lb, for delivery in February. Each contract was for 25,000 lbs. Levi Strauss designated these contracts as a cash flow hedge of 5 million lbs. of current inventory which it expected to sell in February. The average spot of this inventory when purchased was $0.58/lb. Levi Strauss properly documented the hedge and employed hedge accounting. On November 30, the company's fiscal year end, the February commodity exchange futures price was $0.85/lb. Recognition of assets and liabilities for futures contracts In the November 30 balance sheet, Levi Strauss should record the futures contracts as a $100,000 asset $100,000 liability $4, 250,000 liability $4, 250,000 asset