Piolo Co. of Italy sold goods to Simpson of the United States for 5 million liras when the exchange rate was $.0015 buying rate and $.00175 selling rate. The sales took place on April 1, term 90 days. The spot rates on May 31, end of its fiscal period was $.0016 buying and $.0018 selling and on June 30, $.00172 selling.and $.00185 buying 6.How much would be the purchases reported by Simpson on May 31? a.$7,500 b. $8,700 c. $8,000 d. $9,000 7.How much would Simpson report as foreign exchange gain or (loss) on May 31? a.($1,250) b. ($500) c. ($250) d. ($1,000) 8.How much would Simpson report as foreign exchange gain or (loss) on June 30? a.$1,250 b. $500 c. $250 d. $1,000