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What was the amount in canadian dollars paid by x to y

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Reference no: EM133158281

Question - On July 1st.2020 X purchased inventory from its supplier, the Y Company located in the United States at a cost of US$12,000. X's year end is July 31st. Payment of US$12,000 for the inventory is due on August 31st. 2020.

Exchange rates were as follows:-

July 1, 2020 US$1=C$1.365

July 31, 2020 US$1=C$1.350

August 31st, 2020 US$1-C$1.325

Required -

1. What was the amount in Canadian dollars paid by X to Y on August 31st. 2020?

a. C$12,000

b. C$15,900

c. C$16,440

d. C$16,140

2. At what amount in Canadian dollars would Y's sales be recorded initially?

a. $403,500

b. $408,000

c. $409,500

Reference no: EM133158281

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