Suppose today is March $27,2018,$ and your firm produces breakfast cereal and needs $120,000$ bushels of corn in May $2018$ 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 May. Use Table $25\mathrm{.}2$

a$.$ What is the total price are you locking in for the $120,000$ 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\mathrm{.}03$ per bushel in May. 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$.,32.)$