What is the total amount of CMI's foreign exchange gain or loss on this transaction?
On January 1, 2019, Canadian Music International (CMI), a manufacturer of high-end recording equipment based in Toronto, shipped US$120,000 worth of inventory to its main U.S. distributor in Chicago, with full payment of these goods due by February 28, 2019. CMI has a January 31 year end. A list of significant dates and exchange rates is shown below.
The invoice price billed by CMI was US$120,000.
A) CDN$480 gain.
B) CDN$360 gain.
C) CDN$120 gain.
D) CDN$360 loss.
A) CDN$480 gain.
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