Mangoods Corp., an exporter of Philippine products, sold 3 tons of dried mangos to Ants Corp. based
Question:
Mangoods Corp., an exporter of Philippine products, sold 3 tons of dried mangos to Ants Corp. based in Hongkong worth 50,000.00USD per ton. The contract with the buyer provides that Mangoods Corp will deliver the dried mangos in three shipments, on Jan. 29, Feb. 27 and Mar. 28, 2023. Ants Corp received the dried mangos together with the billing on Feb. 1, Mar. 1 and April 1, 2023.
Below are the ForEx rates on 1PHP to US
Jan. 29 - 50.00US
Feb. 1 - 51.00US
Feb. 27 - 49.00US
Mar. 1 - 52.00US
Mar. 28 - 51.50US
April 1 - 50.50US
Necessary
1. Provide all the entries on Jan. 29, Feb. 1, Feb. 27, Mar. 1, Mar. 28 and April 1.
2. Based on No. 1, how much sales will be reported by JC Corp for CY 2023?
3. Based on No. 1 and 2. How much ForEx gain/loss will be reported in CY 2023?
Financial Analysis with Microsoft Excel
ISBN: 978-1285432274
7th edition
Authors: Timothy R. Mayes, Todd M. Shank