Spot Rate	Forward Date
May 16, 2024	1.380	1.388
June 30, 2024	1.390	1.388
August 16, 2024	1.400	1.400

On May 16, 2024, a U.S. company takes delivery of 100,000 in merchandise from a U.K. supplier. The company will pay the supplier 100,000 on August 16. On May 16, the company also enters a forward contract to buy 100,000 on August 16, 2024. On August 16, the company purchases 100,000 using the forward contract, and pays the supplier. The companys accounting year ends June 30, and it sells the merchandise in September 2024. What is the net effect on fiscal 2024 income of exchange rate changes due to the merchandise purchase and the forward contract?

a. $2,300 net loss

b. No effect

c. $300 net gain

d. $300 net loss