Solution-What amount should cob report as a foreign

What amount should cob report as a foreign exchange gain

Reference no: EM133090627

Question - Cob Inc. purchased inventory for 200,000 pounds from an English company on November 30, 2020. Payment in pounds was due on January 30, 2021. Exchange rates to purchase 1 pound were as follows:

	Spot Rate	30-day Rate	60-Day Rate
November 30, 2020	$1.67	$1.65	$1.64
December 31, 2020	$1.62	$1.59	$1.56

In Cob's 2020, income statement, what amount should Cob report as a foreign exchange gain?

Reference no: EM133090627

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What amount should cob report as a foreign exchange gain : Cob Inc. purchased inventory for 200,000 pounds from an English company on November 30, 2020. What amount should Cob report as a foreign exchange gain

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What amount should cob report as a foreign exchange gain

Reference no: EM133090627

Reference no: EM133090627

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