On May 1,2011,Deerfield Corporation Purchased Merchandise from a German Firm

Multiple Choice

On May 1,2011,Deerfield Corporation purchased merchandise from a German firm for 78,000 euros when the spot rate for the euro was 1.48 euro per dollar.The account payable was denominated in the euro.Deerfield settled the account on August 1 when the spot rate for the euro was 1.39 euro per dollar.How much cash will Deerfield have to disburse to settle the account?

A) $ 52,702.72
B) $ 56,115.11
C) $108,420.00
D) $115,440.00