Marvel Company, a local company, bought raw materials as ingredients in its products from Superman Coporation,...
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Marvel Company, a local company, bought raw materials as ingredients in its products from Superman Coporation, a US company, for 35,000 US Dollars in 2016. Pertinent exchange rates relating to this transaction are as follows: Buying Rate Selling Rate Receipt of order P47.10 P47.20 Date of shipment 47.25 47.45 Balance sheet date 49.50 49.60 Settlement date 49.45 49.50 9. What is the foreign exchange gain or loss of Lastikman Company for 2016? 10. What is the value of the inventory, assuming it's not yet sold, as of settlement date? Marvel Company, a local company, bought raw materials as ingredients in its products from Superman Coporation, a US company, for 35,000 US Dollars in 2016. Pertinent exchange rates relating to this transaction are as follows: Buying Rate Selling Rate Receipt of order P47.10 P47.20 Date of shipment 47.25 47.45 Balance sheet date 49.50 49.60 Settlement date 49.45 49.50 9. What is the foreign exchange gain or loss of Lastikman Company for 2016? 10. What is the value of the inventory, assuming it's not yet sold, as of settlement date?
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Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date:
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