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Orange Co., a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods
Orange Co., a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods was 200,000, and the cost of the goods was $100,000. The receivable is payable in full on 6/10, and Orange Co. prepares their financials monthly. Relevant exchanges rates are 5/10 1-$1.25, 5/31 1-$1.30, and 6/10 E1- $1.35. Based on this information, what was the amount booked to cost of goods sold by Company D on 5/10? a) $80,000 b) $100,000 c) $125,000 d) 100,000
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