Solved: On june 30 2013 sweet tooth company purchases chocolate, Accounting Basics

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On june 30 2013 sweet tooth company purchases chocolate

On June 30, 2013, Sweet Tooth Company purchases chocolate candies from a foreign supplier for 50,000 foreign currency, payable in 60 days. On June 30, 1 FC is worth P.6498; by August 30, the day of settlement, 1 FC is worth P.6256. The 60-day forward rate on June 30 is 1 FC= P.6612. Sweet Tooth should record the cost of the chocolate candies at:
a. P 31,280
b. P 31,885
c. P 32,490
d. P 33,060

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Accounting Basics: On june 30 2013 sweet tooth company purchases chocolate

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