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A U.S. manufacturer has sold goods to a foreign firm for a sale price of 80,000 FC on 12/15/X1. The invoice is due 1/15/X2. The U.S. Firm fiscal year is 12/31/X1. Given the following exchange rates, what gain or loss would the U.S. firm record on 12/31?

12/15 1FC=$0.60 US Dollars
12/31 1FC=$0.65 US Dollars
1/15 1FC=$0.63 US Dollars

A. loss of $4,000
B. loss of $1,600
C. gain of $2,400
D. gain of $4,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9448416

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