Norton Co, a U For What Amount Should Sales Be Credited on December 1

question 81

Multiple Choice

Norton Co., a U.S. corporation, sold inventory on December 1, 2013, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: $$\begin{array} { | l | l | l | } \hline \text { Dec 1 } & \text { Spot rate: } & \$ 1.7241 \\\hline \text { Dec. 31 } & \text { Spot rate: } & \$ 1.8182 \\\hline \text { Jan. 30 } & \text { Spot rate: } & \$ 1.6666 \\\hline\end{array}$$ For what amount should Sales be credited on December 1?

• A)$5,500.
• B)$16,949.
• C)$18,182.
• D)$17,241.
• E)$16,667.

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Definitions:

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