On May 20, 2022, when the spot rate is $1.18/€, a U.S. company buys merchandise from a supplier in Italy, at a cost of € 100,000. The spot rate is $1.15/€ on June 30, the company's year-end. Payment of € 100,000 is made on July 30, 2022, when the spot rate is $1.22/€. The company sells the merchandise to a U.S. customer for $150,000 in August of 2022. What gross margin (sales revenue less cost of goods sold) is reported on the sale of the merchandise in August 2022? Select one: a. $35,000 b. $32,000 c. $50,000 d. $28,000

On May 20, 2022, when the spot rate is $1.18/€, a U.S. company buys merchandise from a supplier in Italy, at a cost of € 100,000. The spot rate is $1.15/€ on June 30, the company's year-end. Payment of € 100,000 is made on July 30, 2022, when the spot rate is $1.22/€. The company sells the merchandise to a U.S. customer for $150,000 in August of 2022. What gross margin (sales revenue less cost of goods sold) is reported on the sale of the merchandise in August 2022? Select one: a. $35,000 b. $32,000 c. $50,000 d. $28,000

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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gle Chrome File Edit View History Bookmarks Profiles Tab Window Help Inbox (229) - abigailof X MGmail x iConnect - Home x Question 5 Mid-Term x Connect Getting to K wiL47988 xapp ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Mid-Term Exam Saved 5 Part 4 of 4 Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Ask Land Office equipment Accounts payable Owner investments $ 12,040 Cash withdrawals by owner 13,720 Consulting revenue 2,990 Rent expense 45,940 Salaries expense 17,710 Telephone expense 8,230 Miscellaneous expenses. 83,660 $ 1,760 13,720 3,210 6,690 870 680 Mc Graw Hill 一口 Help Save & E Also assume the following: a.…