On July 2020, Cardo Dalisay Filipino entity whose functional currency is PHP purchased on account inventories at a cost of USD 100 to be paid on June 30, 2021. On October 1, 2020, the said inventories were sold on account by the Filipino entity at a selling price of USD 150 to be collected on September 30, 2021. The following direct foreign exchange rate are given: Buying: July 1,2020= 40.00 October 1,2020= 41.00 December 31,2020= 45 Selling: July 1,2020= 51.00 October 1,2020= 48.00 December 31,2020= 52 What is the gross profit to be reported by the Filipino entity for 12/31/2020? Show solution