Calculation of Exchange Gains and Losses. Georgia Timberline, Inc. is a North Carolina company that has substantial import/export operations. The following transactions occurred in November:

Nov. 1 Purchased products on account from a manufacturer in Edinburgh, Scotland, at an invoice price of \(£ 1,000\). The exchange rate for pounds was \(\$ 1.50\).

5 Purchased products on account from British Hi-Tech. The invoice was stated at \(\$ 2,000\). The exchange rate for pounds was \(\$ 1.51\).

7 Sold products to a Canadian wholesaler in Quebec City. The invoice was stated at \(C \$ 4,000\). The exchange rate for Canadian dollars was \(\$ 0.80\).

Nov. 15 Paid \(£ 500\) on account to the Edinburgh manufacturer. The exchange rate for pounds was \(\$ 1.52\).
20 Paid the amount due to British Hi-Tech. The exchange rate for pounds was \(\$ 1.49\).
25 Returned merchandise to the Edinburgh manufacturer and received credit of \(£ 100\). The exchange rate for pounds was \(\$ 1.45\).
28 Received full payment on account from the Canadian wholesaler. The exchange rate for Canadian dollars was \(\$ 0.76\).
30 Remitted final payment to the Edinburgh manufacturer. The exchange rate for pounds was \(\$ 1.46\).
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Calculate the foreign exchange gains or losses on the transactions for each supplier and customer.