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What would be the gross profit in 2018

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Reference no: EM132319190

Question

Let's suppose you (USA dealer) imported 10 BMW (7 series) from a German dealer on March 1, 2018 at € 70,000 each, payable in 30 days. The exchange rate on March 1, 2018 was 1.16 US$/€.

Then you sold all of them in the US market at US$87,000 (each MBW) in cash on March 29, 2018. On April 1, 2018, you paid in full to German car dealer at the exchange rate of 1.15 US$/€.

For this scenario, what would be the Gross Profit (not Net Income) in 2018?

Reference no: EM132319190

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