Southern fuel has an inventory of 756,000 gallons of heating oil. the futures contracts on heating oil are based on 42,000 gallons. if the firm wishes to fully hedge its inventory, it should take which one of the following positions in heating oil futures contracts? multiple choice long on 16 long on 17 short on 18 short on 19 short on 20

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)