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On June 1, Cagle Co. received a signed agreement to set inventory for w650,000 The sale would take place in 90 days Cagle immedutely signed a 90-day forward contact to sell the yer as soon as they are received The spot rate on June 1 was t-$0.003986, and the 90-day forward rate was at-50004021 At what amount would Cagle record the Forward Contract on June 1 Multiple Choice O 10 $2.500 90 $2.275.00

On June 1, Cagle Co. received a signed agreement to set inventory for w650,000 The sale would take place in 90 days Cagle immedutely signed a 90-day forward contact to sell the yer as soon as they are received The spot rate on June 1 was t-$0.003986, and the 90-day forward rate was at-50004021 At what amount would Cagle record the Forward Contract on June 1 Multiple Choice O 10 $2.500 90 $2.275.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 1, Cagle Co. received a signed agreement to sell inventory for w650,000 The sale would take place in 90 days Cagle immediately signed a 90-day forward contact to sell the yer as soon as they are received The spot rate on June 1 was t-$0.003985, and the 90-day forward rate was wt-50.004021 At what amount would Cagle record the Forward Contract on June 1 Multiple Choice O $250360 50 $2.500 90 $2.275.00 $199200
Transcribed Image Text:On June 1, Cagle Co. received a signed agreement to sell inventory for w650,000 The sale would take place in 90 days Cagle immediately signed a 90-day forward contact to sell the yer as soon as they are received The spot rate on June 1 was t-$0.003985, and the 90-day forward rate was wt-50.004021 At what amount would Cagle record the Forward Contract on June 1 Multiple Choice O $250360 50 $2.500 90 $2.275.00 $199200
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