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What amount should gillard record for the sale

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Problem 1: On December 1, 20X5, Gillard Ltd. sold goods to International Traders Ltd., a company located in Switzerland for 500,000 Swiss francs (CHF). At the date of sale, the spot rate was CHF1 = $1.0329. On the same date, Gillard acquired a 90- day forward contract at a rate of CHF1 = $1.0315. On March 1, 20X6, Gillard receives full payment from International Traders and delivered the Swiss francs in execution of the forward contract. The spot rate at March 1, 20X6 was CHF1 = $1.0287. 8 What amount should Gillard record for the sale?

a) $500,000

b)514,300

c) $516,450

d) $515,750

Reference no: EM132917525

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