Question: Gerens Corp. purchases raw material from its foreign supplier, Peruvian Textiles, on May 8 . Payment of 1 , 5 0 0 , 0 0

Gerens Corp. purchases raw material from its foreign supplier, Peruvian Textiles, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Gerens' fiscal year-end. The pertinent exchange rates were as follows:
May 8Spot rate:$1.30May 31Spot rate:$1.33Jun 7Spot rate:$1.27
How much Foreign Exchange Gain or Loss should Gerens record on May 31?

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