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Find the foreign exchange gain or loss

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Question - On November 1, 2017, Destiny Corporation purchased jewelry items from a foreign company at a price of LCU 5,000 when the direct exchange rate was 1 LCU = $1.20. The account has not been settled as of December 31, 2017, when the exchange rate has decreased to 1 LCU = $1.10. Find the foreign exchange gain or loss on Destiney's records at year-end for this transaction?

a. $500 loss

b. $500 gain

c. $5,500

d. $378 gain

Reference no: EM132795754

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