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At what amount would Cagle record the Forward Contract

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Reference no: EM133031788

Question - On June 1, Cagle Co. received a signed agreement to sell inventory for ¥650,000. The sale would take place in 90 days. Cagle immediately signed a 90-day forward contract to sell the yen as soon as they are received. The spot rate on June 1 was ¥1 = $0.003986, and the 90-day forward rate was ¥1 = $0.004021. At what amount would Cagle record the Forward Contract on June 1?

a. $2,613.65.

b. $0.

c. $2,590.90.

d. $2,275.00.

e. $1,993.00.

Reference no: EM133031788

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