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How much foreign exchange gain or loss should clark record

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Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end.

The pertinent exchange rates were as follows:

May 8 Spot rate:$1.16

May 31 Spot rate:$1.18

June 7 Spot rate:$1.12

Problem 1: How much Foreign Exchange Gain or Loss should Clark record on May 31?

Reference no: EM132832524

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