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What is the foreign exchange gain or loss

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Question - 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). What is the foreign exchange gain or loss of Washington Company for 2020?

Reference no: EM132810747

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