Here is the problem that I am working on: On March 8, Globe purchased woolen...
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Accounting
Here is the problem that I am working on:
On March 8, Globe purchased woolen goods from Ireland for 7,000. The exchange rate was 1 = $0.622 on March 8, but the rate was $0.610 when payment was made on May 1.
In the solution, it shows 7000 x $1.68 = $11,760.
My question is how is the $1.68 determined? I can't figure out the conversion formula. Thanks
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