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Task Two On 1 November 2016 Burwood Limited ordered inventories to the value of US$3 000 000 on FOB destination terms. The goods are shipped

Task Two

On 1 November 2016 Burwood Limited ordered inventories to the value of US$3 000 000 on FOB destination terms. The goods are shipped on 1 April 2017 and are paid for on 30 June 2017. Burwood Limited also entered into a forward exchange contract for US$3 000 000 on 1 November 2016 with NYC Bank in which NYC Bank agrees to supply Burwood Limited with US$3 000 000 on 30 June 2017. Burwood Limited has a financial year ending 31 December.

Additional information on exchange rates

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