Let’s suppose you (USA dealer) imported one Earth Equipment machine from Italian dealer on March 1,...
Let’s suppose you (USA dealer) imported one Earth Equipment machine from Italian dealer on March 1, 2017 at € 200,000 each, payable in 30 days. The exchange rate on March 1, 2017 was 1.18 US$/€. Then you sold the machine in the US market at US$250,000 in cash on March 29, 2017. On April 1, 2017, you paid to Italian car dealer at the exchange rate of 1.23 US$/€. What was profit or loss from this business in terms of US$? (Please assume all costs are included in price.)
The answer is 4,000 but I need to show the work to get this answer. PLease show work.
Homework Answers
| Price payable in EURO | 200,000 | |
| Spot rate in 1st April | 1.23 | |
| Amount payable in USD | =200000*1.23 | 246,000 |
| Sale price | 250,000 | |
| Net profit in USD | 250000-246000 | 4,000 |
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