LO.3 Chock, a U.S. corporation, purchases inventory for resale from distributors within the United States and resells this inventory at a $1,000,000 profit to customers outside the United States. Title to the goods passes outside the United States. What is the sourcing of Chock's inventory sales income?

WaterCo, a U.S. corporation, purchases inventory for resale from unrelated distributors outside the U.S. It resells this inventory to U.S. customers with title passing inside the United States. What is the sourcing of WaterCo's inventory sales income? a.50% U.S. source and 50% foreign source. b.100% foreign source. c.50% foreign source and 50% sourced based on location of manufacturing assets. d.100% U.S. source.

CASE 1. The Philippine corporation purchased merchandise from a US firm for USD$15,000 on November 1, 2021. Also on the same date the Philippine corporation sold merchandise to a US firm for USD$30,000. The following rates were available:    Buying Rate Selling Rate November  1, 2021 US$1 = P46.00 P1 = $.021505  December 31, 2021 US$1 = P45.80 P1 = $.021277 January 31, 2022 US$1 = P46.20 P1 = $.022222 What is the amount of sales revenue recognized for the year end 2021?1,380,0001,395,0001,374,0001,410,000     2. What is the carrying amount of the accounts receivable on December 31, 2021? 1,410,000 1,374,000 1,386,000  1,350,000 3. What is the carrying amount of the accounts payable on December 31, 2021? 687,000 705,000 693,000 675,000 4. What is the total/net foreign currency gain/(loss) for the year 2021? 12,000 gain 12,000 loss 13,500 gain 13,500 loss

A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$ 170,000. The payable was incurred when the exchange rate was US$1 = Cdn$0.79. At year - end, the rate is $0.75. Required: 1. What amount of inventory is recorded? 2. What amount of exchange gain or loss will the company report for the year?