Suppose 1 year ago, Miller Company had inventory in Britain valued at 1.5 million Swiss francs. The exchange rate for dollars to Swiss francs was 1 franc = 1.15 dollars. Today, the exchange rate is 1 Swiss franc = 1.06 U. S. dollars. The inventory in Switzerland is still valued at 1.5 million francs. What is the U. S. dollar gain or loss in inventory value as a result of the change in exchange rates?
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