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 invertory 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 of 1,600,000. The exchange rates shown in the popup window, were available to Burton on the dates shown, corresponding to the events of this specific export sale. Assume qach 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? a. What will be the amount of foreign exchange gain (loss) upon settlement? Enter a positive number for a gain or a negative number for a loss (Round to the nearest dollar.) S Data Table - - Date Event Spot Rate (S/E) Porward Rate (5/8) Days Forward February 1 Price quotation for Pegg 1.7855 1.7784 210 March 1 Contract signed for sale 1.7319 1.7238 180 Contract amount, pounds 1,600,000 June 1 Product shipped to Pegg 1.7573 1.7488 90 August Product received by Pegg 1.7788 1.7756 30 September 1 Pegg makes payment 1.7219 Click on the icon located on the top-right corner of the data table in order to copy its contents into a spreadsheet