USA Fair value hedge-journal entries

[Nylorac]

On October 1st, 2015 Tony’s Tofu Snacks is budgeting for the first quarter of 2016 . They plan to buy 10,000 pounds of processed tofu in early January for 1.00 per pound for use in preparing tasty snacks. In order to lock in the price for the quarter, TTS plans to buy futures contracts for 10,000 pounds of soybean meal at 95 cents per pound to be net settled December 31, 2015. The price is expected to be highly correlated but some ineffectiveness is likely due to the different commodities.
October 31, the price of the futures has declined by 0.08 per pound and the expected price of tofu has declined by .09 cents per pound.
At December 31, 2015, the price of the soybean futures and tofu have not changed.

1. Demonstrate whether the contract is still highly effective.
2. Prepare the journal entry at 31 October 2015
3. Prepare the journal entry at 12/31/15
4. Prepare the journal entry for purchase of the tofu on January 15, 2016.
What I came up with but i think it's wrong:
Journal Entry for 10/31/15: Dr Cr
Futures Contracts 800
Earnings 100
Other Comprehensive Income 900

Journal Entry for 12/31/15: Dr Cr
To record settlement of futures contract
Cash 800
Futures Contract 800

To record purchase of tofu
Tofu Inventory 9,100
Cash 9,100
Journal Entry for 1/15/16: Dr Cr
Tofu Expense 8,300
Other Comprehensive Income 800
Tofu Inventory 9,100