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Determine what was gross profit

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Reference no: EM132492872

Question 1: Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60 days. You sold the product in the US market at $400 in cash on Dec 15, 2018. The company's fiscal year ends on Dec 31. You paid to your German supplier on Feb 1, 2019.

Below, please find the exchange rate information:

Dec 1, 2018: 2.0 €/$.

Dec 31, 2018: 1.5 €/$.

Feb 1, 2019: 3.0 €/$.

What was gross profit for 2018 and 2019, respectively?

Group of answer choices

  • $100, $0
  • $300, $100
  • $0, $250
  • $250, $0

Question 2: Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, payable in 60 days. You sold the product in the US market at $400 in cash on Dec 15, 2018. The company's fiscal year ends on Dec 31. You paid to your German supplier on Feb 1, 2019.

Below, please find the exchange rate information:

Dec 1, 2018: 2.0 €/$.

Dec 31, 2018: 1.5 €/$.

Feb 1, 2019: 3.0 €/$.

What was profit or loss from these transactions (in 2018 and 2019 combined)?

Group of answer choices

  • $100
  • $200
  • -$200
  • -$100

Reference no: EM132492872

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