Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows: Date Event Spot rate 15 March 2019 Order £300,000 of inventory A$1.00 = £0.37 11 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd (FOB) A$1.00 = £0.41 30 June 2019 End of financial year A$1.00 = £0.43 02 July 2019 Inventory arrives at warehouse A$1.00 = £0.42 14 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39 Required: a) Prepare appropriate journal entries for each relevant event. (Round amounts to the nearest dollar). Show your work. b) What is a qualifying asset? Provide two (2) examples.

A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $120,000 Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 2025 2026 2027 Date Required: Calculate inventory amounts at the end of each year Note: Round intermediate calculations and final answers to the nearest whole dollars. 01/01/2024 12/31/2024 12/31/2025 12/31/2026 Ending Inventory at Cost Index (Relative to Year-End Costs Base Year) $ 198,000 261,800 243,600 240,800 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Year End Cost Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Inventory Layers Converted to Cost Base Base 2024 Base 2024 2025 Base 1.10 1.19 1.16 1.12 2024 2025 2026 Base 2024 2025 2026 2027 Inventory Layers at Base Year Cost Inventory DVL…

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