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What is the foreign exchange gain of washington company

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Washington Company, a local company, bought raw materials as ingredients in its products from Starship Inc., a US company, for $35,000 in 2020. Pertinent exchange rates relating to this transaction are as follows:

Receipt of order (Buying Rate: P47.10; Selling Rate: P47.20)

Date of Shipment (Buying Rate: P47.25; Selling Rate: P47.45)

Balance Sheet Date (Buying Rate: P49.50; Selling Rate: P49.60)

Settlement Date (Buying Rate: P49.45; Selling Rate: P49.50).

Problem 1: What is the foreign exchange gain or loss of Washington Company for 2020?

Reference no: EM132815964

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