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(Spot exchange rate) Suppose 1 year ago, Miller Company had inventory in Britain valued at 2 million Swiss francs. The exchange rate for dollars to
(Spot exchange rate) Suppose 1 year ago, Miller Company had inventory in Britain valued at 2 million Swiss francs. The exchange rate for dollars to Swiss francs was 1 franc = 1.15 dollars. Today, the exchange rate is 1 Swiss franc = 1.06 U.S. dollars. The inventory in Switzerland is still valued at 2 million francs. What is the U.S. dollar gain or loss in inventory value as a result of the change in exchange rates? Enter a positive number for a gain and negative for a loss. As a result of the change in exchange rates, the U.S. dollar gain or loss in inventory value is $. (Round to the nearest dollar.)
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