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Tju [1.3M]
2 years ago
6

Brisco Bricks purchases raw material from its foreign supplier, Bolivian Clay, on May 8. Payment of 2,000,000 foreign currency u

nits (FC) is due in 30 days. May 31 is Brisco's fiscal year-end. The pertinent exchange rates were as follows:
May 8 Spot rate: $ 1.25
May 31 Spot rate: $ 1.26
Jun. 7 Spot rate: $ 1.20
For what amount should Brisco's Accounts Payable be credited on May 8?
Business
1 answer:
Gekata [30.6K]2 years ago
5 0

Answer:

$2,500,000

Explanation:

The computation of the amount which would be credited is shown below:

= Payment of foreign currency units (FC) is due in 30 days × exchange rate i.e spot rate on May 31

= 2,000,000 × $1.25

= $2,500,000

We simply multiply the payment with the spot rate so that the accurate value can come.

All other information which is given is not relevant. Hence, ignored it

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