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Business, 23.03.2020 17:49 mistiehaas
As part of its risk management strategy, Copper Monkey Mining sells futures contracts to hedge changes in fair value of its inventory. On March 12, the commodity exchange spot price was $0.81/lb., and the futures price for mid-June was $0.83/lb. On that date, Copper Monkey, which has a March 31 fiscal year end, sold 200 futures contracts on the commodity exchange at $0.83/lb. for delivery in June. Each contract was for 25,000 lb. Copper Monkey designated these contracts as a fair value hedge of 5 million lb. of current inventory for which a mid-June sale is expected. The average cost of this inventory was $0.58/lb. The hedge was expected to be highly effective. On March 31, the mid-June commodity exchange futures price was $0.85/lb.
In the March 31 statement of financial position, the company should record the futures contracts as a?
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