c. Put Option C—This option provided for the sale of 10,000 units of commodity C in September at a strike price of $30 per unit. The company designated the option as a hedge of a forecasted sale of...

c. Put Option C—This option provided for the sale of 10,000 units of commodity C in September at a strike price of $30 per unit. The company designated the option as a hedge of a forecasted sale of 10,000 units of commodity C on September 10. Information regarding the option and commodity C is as follows:

The company settled the option on September 10 and sold 10,000 units of commodity C at the spot price. The manufacturing cost of the units sold was $20 per unit.