Question: On 1 January 201X, William Ltd, an Australian company, orders inventory from a US supplier. The purchase price is US$500 000 and the William Ltd pays in US$s. William Ltd receives the goods on 1 February 201X, and payment is made on 31 July 201X. William Ltd has a 30 June balance date. Spot exchange rates are: 1 January 201X A$1 = US$ 0.80 1 February 201X A$1 = US$ 0.85 30 June 201X A$1 = US$ 0.75. Find the foreign exchange gain or loss recorded by William Ltd at 30 June 201X?
a) $73,750 loss
b) $78,036 loss
c) $78,431 loss
d) $74,286 gain
e) $zero
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