Lock In Rate

Hello Mr Moffat,

Sir i just got confused regarding the question you did earlier on the new topic of Lock in rate, when calculating the profit or loss on the futures

$1M / 1.5 = £666,667

£666,667 * (1.51-1.47) = $26,667

$26,667 / 1.52 = £17544

The company was expecting to receive $1M in August, so the company is worried the exchange rate would rise, that is why they bought Sept Futures, any potential gain made on futures will offset the potential loss on the transaction.
My question is i thought since the company will buy the futures, the $1M should be divided by the Sept Futures on 1 April which will be as follows

Buy Sept Future on 1 April : $1M / 1.47 = £680,272

Calculating G/L on futures on 1st Aug : £680,272 * (1.51-1.47) = $27,211

$27,211 / 1.52 = £17,902

Kindly unfold my ambiguity.

Thanks
Soud Saeed.