On October $1.$ Year $6,$ Versatile Company contracted to sell merchandise to a customer in Switzerland at a selling price of CHF$422,000.$ The contract called for the merchandise to be delivered to the customer on January $31,$ Year $7,$ with payment due on delivery. On October $1,$ Year $6,$ Versatile arranged a forward contract to deliver CHF$422,000$ on January $31,$ Year $7,$ at a rate of $CHF1=$$$1\mathrm{.}23.$ Versatile's year$-$end is December $31.$

The merchandise was delivered on January $31,$ Year $7,$ and CHF$422,000$ was received and delivered to the bank.

Exchange rates were as follows:

$\backslash$table$[[,$Spot Rate$5,$Forward Rates$**],[$October $1,$ Year $6,$CHF$1=$$$1\mathrm{.}21,$CHF$1=$$$1\mathrm{.}23$