On December 1, 20X5, Gillard Ltd

question 29

Multiple Choice

On December 1, 20X5, Gillard Ltd. sold goods to International Traders Ltd., a company located in Switzerland, for 500,000 Swiss francs (CHF) . At the date of sale, the spot rate was CHF1 = $1.0329. On the same date, Gillard acquired a 90-day forward contract at a rate of CHF1 = $1.0315. On March 1, 20X6, Gillard received full payment from International Traders and delivered the Swiss francs in execution of the forward contract. The spot rate at March 1, 20X6, was CHF1 = $1.0287.
-What amount should Gillard record for the sale?

• A)$500,000
• B)$514,300
• C)$515,750
• D)$516,450

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