Icebreaker Company (a U.S.-based company) purchases materials from a foreign supplier on December 1. 2020, with payment of 18,000 dinars to be made on March 1. 2021. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2020, Icebreaker enters Into a forward contract to purchase 18,000 dinars on March 1, 2021. Relevant exchange rates for the dinar on various dates are as follows: Forward Rate Date Spot Rate (to March 1, 2821) December 1, 2820 $ 3.60 $ 3.675 December 31, 2020 3.79 3.809 March 1, 2021 3.85 N/A\f\f\f