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On January 1,2013,Canadian Music International (CMI) ,a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below. The following information pertains to questions  On January 1,2013,Canadian Music International (CMI) ,a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below.   The invoice price billed by CMI was $120,000 U.S. -What is the amount of CMI's foreign exchange gain or loss at year-end? A) Nil. B) $120 Gain. C) $120 Loss. D) $480 Gain. The invoice price billed by CMI was $120,000 U.S.
-What is the amount of CMI's foreign exchange gain or loss at year-end?


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