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In December 2005, the spot exchange rate for the British Pound was $1.7188/£ and the one-year forward rate was $1.8675/£. Suppose that at the same time a US company Luther Industries entered into a contract to purchase goods with a price of £375,000 to be delivered in one year. Simultaneously Luther entered into a one-year forward contract to purchase £375,000. At the time the contract payment was due, the spot exchange rate was $1.7975/£. Problem 1: What is the amount of the payment in U.S. dollars that Luther Industries paid?
Problem 2: Did Luther benefit from the forward contract? Explain.
Which statements concerning accrual accounting is correct? Income from sales is recognised in the period when the cheque is cashed.
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During 2013, the company sold 10070 number of widgets. What is the cost of goods sold for the year ending on 12/31/2013
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