Burton Manufacturing. Jason Stedman is the director of finance for Burton Manufacturing, a U.S.-based manufacturer of handheld computer systems for inventory management. Burton's system combines a low-cost active tag that is attached to inventory items (the tag emits an extremely low-grade radio frequency) with custom designed hardware and software that tracks the low-grade emissions for inventory control. Burton has completed the sale of an inventory management system to a British firm, Pegg Metropolitan (UK), for a total payment were available to Burton on the dates shown, corresponding to the events of this specific export sale. Assume each 5 of 1,800,000. The exchange rates shown in the popup window, month is 30 days. a. What will be the amount of foreign exchange gain (loss) upon settlement? b. If Jason hedges the exposure with a forward contract, what will be the net foreign exchange gain (loss) on settlement? Date February 1 March 1 June 1 August 1 September 1 Event Price quotation for Pegg Contract signed for sale Contract amount, pounds Product shipped to Pegg Product received by Pegg Pegg makes payment Spot Rate ($/) 1.7803 1.7443 1,800,000 1.7656 1.7785 1.7289 Forward Rate ($/) 1.7725 1.7358 1.7580 1.7752 Days Forward 210 180 90 30