On September 21, 2020, Alsalam Corporation purchased goods for a U.S. dollar equivalent of $35,240 from an Austrian company. The transaction is denominated in Austrian Schillings. Alsalam settled its account to the Austrian company on November 1, 2020. The exchange rates were as follows:

Exchange Rate

September 21, 2020

1 Austrian Schilling

$0.08810

November 1, 2020

1 Austrian Schilling

$0.08568

What is the foreign currency exchange gain or loss resulting from this foreign transaction?

Select one:

a. $ 968 loss

b. $ 640 gain

c. $ 968 gain

d. $ 1,864 gain