Business, 30.03.2020 17:59 ashleyortego5106

1. On May 20, when the exchange rate was $1.40/£, a U. S. company purchased merchandise from a U. K. supplier for £10,000 and paid for the merchandise on June 5, when the exchange rate was $1.38/£. On August 15, when the exchange rate was $1.23/€, the U. S. company sold the merchandise to a customer in Belgium at an invoice price of €16,000. On September 6, when the exchange rate was $1.21/€, the U. S. company received payment of €16,000 from the Belgian customer. The U. S. company's accounting year ends December 31. What amount does the U. S. company report as cost of goods sold? A. $12,300 B. $14,000 C. $10,000 D. $13,800

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1. On May 20, when the exchange rate was $1.40/£, a U. S. company purchased merchandise from a U. K....

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