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Merlion Construction Co. based in Singapore has a 6-month THB 1 million contract to complete construction work for Sabai University in Hua Hin, Thailand. The

Merlion Construction Co. based in Singapore has a 6-month THB 1 million contract to complete construction work for Sabai University in Hua Hin, Thailand. The current spot rate is THB/SGD 24.00 and the 6-month forward rate is THB/SGD 26.00. Under conditions of equilibrium, management would use which of the following amounts to prepare operating budgets?

A. THB 1 million

B. SGD 38,462

C. SGD 41,667

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