Ross, Inc., a domestic wholesaler, sold merchandise to a British customer on May 12th with the sale being denominated in British Pounds (). Ross, Inc. prepares monthly financial statements in US dollars ($). The cost of the merchandise to Ross, Inc. was $100,000, the sale price was 150,000. and the payment was due and made on July 12th. Spot rates covering the period in question are as follows: May 1st 1 = $1.20 June 1st 1 = $1.27 July 1st 1 = $1.24 May 12th 1 = $1.25 June 12th 1 = $1.25 July 12th 1 = $1.26 May 31st 1 = $1.28 June 30th 1 = $1.23 July 31st 1 = $1.27