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Lets suppose you (USA dealer) imported 10 BMW (7 series) from a German dealer on...

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Question

Accounting

Lets suppose you (USA dealer) imported 10 BMW (7 series) from a German dealer on March 1, 2018 at 60,000 each, payable in 30 days. The exchange rate on March 1, 2018 was 1.15 US$/. Then you sold all of them in the US market at US$75,000 (each MBW) in cash on March 29, 2018. On April 1, 2018, you paid in full to German car dealer at the exchange rate of 1.18 US$/. For this scenario, what would be the COGS in 2018?

Group of answer choices

750,000

18,000

690,000

42,000

Answer & Explanation Solved by verified expert
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