(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 = 1.14 dollars. Today, the exchange rate is 1 Swiss franc = 1.06 US dollars. The inventory in Switzerland is still valued at 2 million francs. What is the US dollar gain or loss in inventory value as a result of the change in exchange rates? Enter a positive number for a gain and a negative for a loss. ROUND TO THE NEAREST DOLLAR.