Help! I need the answer in step by step format to understand. :)

7a

Mr. De Capri, the owner of Gagliardi Company, imports French butter from Marseille

Company, located in Besancon. On February 29, the Gagliardi company bought butter costing Euro130,000. Gagliardi Company must pay in Euro on March 29. The spot rate on February 29 was $1.22 per Euro, and on March 29, it was $1.28 per Euro. What is the currency loss or profit based on this transaction?

#7b.

Mr. DeSordi noticed the USD/EUR spot rate is 1.3960. Similarly, the AUSTD/USD spot rate is 0.9587. Calculate the spot AUSTD/EUR cross-rate. What is cross-rate? Please explain.