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Problem 12-1 On November 1, 2010, Dorsey Company sold inventory to a company in England. The sale was for 600,000 British pounds and payment will be received on February 1, 2011. On November 1, Dorsey entered into a forward contract to sell 600,000 British pounds on February 1 at the forward rate of $1.65. Spot rates for the British pound are as follows: November 1 $1.61 December 31 1.57 February 1 1.62 Dorsey has a December 31 fiscal year-end Required: Compute each of the following: 1. The dollars to be received on February 1, 2011, from selling the 600.000 pounds to the exchange dealer