On November 29, 20x1, ABC Co. received a non-cancellable sale order for the exportation of inventories from a UK-based company. 68 The contract price is £40,000 (pound sterling). The contract term is FOB shipping point. The inventories were shipped on December 1, 20x1. The sale was settled on January 3, 20x2. The following are the exchange rates: November 29, 20x1 – ₱67:£1; December 1, 20x1 – ₱68:£1; December 31, 20x1 – ₱70:£1; January 3, 20x2 – ₱71:£1. How much sale revenue is recognized in 20x1?* a. P 2,840,000 b. P 2,720,000 c. P 2,680,000 d. P 2,800,000 pls. answer it asap thank you:)
On November 29, 20x1, ABC Co. received a non-cancellable sale order for the exportation of inventories from a UK-based company. 68 The contract price is £40,000 (pound sterling). The contract term is FOB shipping point. The inventories were shipped on December 1, 20x1. The sale was settled on January 3, 20x2. The following are the exchange rates: November 29, 20x1 – ₱67:£1; December 1, 20x1 – ₱68:£1; December 31, 20x1 – ₱70:£1; January 3, 20x2 – ₱71:£1. How much sale revenue is recognized in 20x1?* a. P 2,840,000 b. P 2,720,000 c. P 2,680,000 d. P 2,800,000 pls. answer it asap thank you:)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On November 29, 20x1, ABC Co. received a non-cancellable sale order for the exportation of inventories from a UK-based company. 68 The contract price is £40,000 (pound sterling). The contract term is FOB shipping point. The inventories were shipped on December 1, 20x1. The sale was settled on January 3, 20x2. The following are the exchange rates: November 29, 20x1 – ₱67:£1; December 1, 20x1 – ₱68:£1; December 31, 20x1 – ₱70:£1; January 3, 20x2 – ₱71:£1. How much sale revenue is recognized in 20x1?*
a. P 2,840,000
b. P 2,720,000
c. P 2,680,000
d. P 2,800,000
pls. answer it asap thank you:)
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