on january 1, 2015, west company made a firm commitment to purchase some inventory from a supplier for 40,000 euros. delivery and payment is to occur on october 30, 2015. the spot rates on january 1, 2015 and october 30, 2015 are $2.60 and $2.40. on the same date, west company entered into a foreword contract to purchase 10,000 euros on oct 30, 2015 with the forward rate of $2.70. assume this forward contract qualifies for hedge accounting. what is the total gains and losses associated with these two contracts?