Oriole Corporation, a manufacturer of ethnic foods, contracted in 2020 to purchase 510 pounds of a spice mixture at $2.55 per pound, delivery to be made in spring of 2021. By 12/31/20, the price per pound of the spice mixture had risen to $2.89 per pound. In 2020, Oriole should recognize

a gain of $173.40.

a loss of $173.40.

a loss of $1300.50.

No gain or loss.