Foreign Exchange Gains and Losses. Marlow Implements of Kansas City conducts a considerable amount of its business through foreign suppliers and customers. It is a calendar year company. The following are several typical transactions for 1997 and 1998:

Oct. 14 Sold products to a Mexican company for \(\$ 20,000\); terms denominated in U. S. dollars \((\mathrm{M} \$ 1=\$ 0.30)\).
26 Purchased goods from a Japanese firm for \(\$ 40,000\); terms denominated in yen ( \(¥ 1=\$ 0.009\) ).
Nov. 4 Sold products to a British company for \(\$ 39,000\); terms denominated in pounds ( \(1=\$ 1.50\) ).
14 Received payment in full for October 14 sale \((\mathrm{M} \$ 1=\$ 0.32)\).
15 Paid for the goods purchased on October \(26(¥ 1=\$ 0.0094)\).
23 Purchased goods from an Italian company for \(\$ 28,000\); terms denominated in U. S. dollars (1 lira \(=\$ 0.0005\) ).
30 Purchased products from a Japanese company for \(\$ 35,200\); terms denominated in yen ( \(¥ 1=\$ 0.0099\) ).
Dec. 2 Paid for the goods purchased on November 23 (1 lira \(=\$ 0.00055)\).
3 Received payment in full for goods sold on November \(4(£ 1=\$ 1.46\) ).
8 Sold products to a French company for \(\$ 66,000\); terms denominated in francs (Fr1 \(=\$ 0.20\) ).
17 Purchased products from a Mexican company for \(\$ 37,000\); terms denominated in U. S. dollars \((\mathrm{M} \$ 1=\$ 0.33\) ).
18 Sold products to a German company for \(\$ 90,000\); terms denominated in marks (DM1 \(=\$ 0.66\) ).
Jan. 7 Received payment for goods sold on December \(8(\operatorname{Fr} 1=\$ 0.18)\).
16 Paid for goods purchased on December \(17(\mathrm{M} \$ 1=\$ 0.32)\).
17 Received payment for goods sold on December 18 (DM1 \(=\$ 0.64\) ).
28 Paid for goods purchased on November 30 ( \(¥ 1=\$ 0.0101\) ).
\section*{Required:}
1. For each completed transaction, show the total exchange gain or loss incurred between transaction date and settlement date.
2. What is the total net exchange gain or loss for all completed transactions?