Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end. The pertinent exchange rates were as follows: For what amount should Clark's Accounts Payable be credited on May 8?
A) $1,740,000.
B) $1,850,000.
C) $1,500,000.
D) $1,680,000.
E) $1,770,000.

Question

Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end. The pertinent exchange rates were as follows:  For what amount should Clark's Accounts Payable be credited on May 8?
A) $1,740,000. 
B) $1,850,000. 
C) $1,500,000. 
D) $1,680,000. 
E) $1,770,000.

Quizplus · Accepted Answer

The Answer of Clark Stone purchases raw material from its foreign supplier, Rinne Clay, on May 8. Payment of 1,500,000 foreign currency units (FC) is due in 30 days. May 31 is Clark's fiscal year-end. The pertinent exchange rates were as follows:  For what amount should Clark's Accounts Payable be credited on May 8?
A) $1,740,000. 
B) $1,850,000. 
C) $1,500,000. 
D) $1,680,000. 
E) $1,770,000.

Clark Stone Purchases Raw Material from Its Foreign Supplier, Rinne