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On July 2020, ABC entity whose functional currency is PHP purchased on account inventories at...

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Accounting

On July 2020, ABC entity whose functional currency is PHP purchased on account inventories at a cost of USD 100 to be paid on June 30, 2021. On October 1, 2020, the said inventories were sold on account by the ABC entity at a selling price of USD 150 to be collected on September 30, 2021. The following direct foreign exchange rate are given: Buying: July 1,2020= 40.00 October 1,2020= 41.00 December 31,2020= 45 Selling: July 1,2020= 51.00 October 1,2020= 48.00 December 31,2020= 52 What is the net currency foreign currency gain or loss for the year ended 12/31/2020 SHOW SOLUTION

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