Manila Company purchased merchandise for 300,000 Pounds from a vendor in London on November 30, 2022. Payment in British pounds was due on January 30, 2023. The exchange rates for the British pound were as follows: In its December 31, 2022 income statement, what is the amount to be reported by Manila Company as foreign exchange difference?

Select one:

P9,000 gain

P3,367 loss

P9,000 loss

P3,367 gain

Question 2

If 40 Philippine Peso can be exchanged for 1 US Dollar. What is the direct quotation expressed in the US Dollar?

Select one:

0.025 USD: 1 Peso

0.025 Peso: 1 USD

40 Peso: 1USD

1 USD: 40 Peso