On 1 May 2015 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from the United States on 1 May 2015. The cost of the goods is US$1 500 000. The amount has not been paid at period end, 30 June 2015. Exchange rates are as follows:\\n \\n\\n\\nHarry's Plastics Ltd uses a perpetual inventory system.\\nWhat entries are required at transaction date and reporting date (rounded to the nearest whole A$)?

Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the currency is the euro (€). Data on Stuff's inventory and purchases are as follows: Inventory, January 1, 20X7 Purchases during 20x7 Inventory, December 31, 20x7 The beginning inventory was acquired during the fourth quarter of 20X6, and the ending inventory was acquired during the fourth quarter of 20X7. Purchases were made evenly over the year. Exchange rates were as follows: Fourth quarter of 20x6 January 1, 20X7 Average during 20x7 Fourth quarter of 20x7 December 31, 20x7 € 226,000 866,000 194,000 €1-$1.29015 €1$ 1.32030 € 1$ 1.39655 €1-$1.45000 € 1$ 1.47280 Required: a. Show the remeasurement of cost of goods sold for 20X7, assuming that the U.S. dollar is the functional currency. Note: Round your intermediate calculations and final answer to nearest dollar amount. a. Cost of goods sold b. Cost of goods sold b. Show the translation of cost of goods sold for 20X7, assuming that the euro is…

Brandlin company of anaheim, california, sells parts to a foreign customer on december 1, 2017, with payment of 24,000 korunas to be received on march 1, 2018. Brandlin enters into a forward contact on december 1, 2017 to sell 24,000 korunas on march 1, 2018. Relevant exchange rates for the korunas on various dates are as follow: date                                spot rate                 forward rate december 1, 2017           4.20                          4.275 december 31, 2017         4.30                           4.400 march 1, 2018                  4.45                            n/a   brandli's incremental borrowing rate is 12 percent. The present value factor for two months at annual interest rate of 12 percent  (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at december 31. 1. Assuming that brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount…

A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2024: Cost of goods sold Beginning inventory Ending inventory LCU 5,230,000 536,000 622,000 The average exchange rate during 2024 was $1.30 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.10 = LCU 1. Ending inventory was acquired when the exchange rate was $1.40 LCU 1. The exchange rate on December 31, 2024, was $1.45 = LCU 1. Required: Assuming that the foreign country is highly inflationary, determine the amount at which the foreign subsidiary's cost of goods sold should be reflected in the U.S. dollar income statement. Cost of goods sold

On 1 March 2025, Quality Furniture Importers acquires furniture from a supplier in New Zealand. The furniture is shipped f.o.b. from New Zealand on 1 September 2025. The cost of the furniture is NZD $800 000. The amount has not been paid at 30 September 2025 and exchange rates are as follows: 1 September 2025 A$1.00 = NZD $1.08 30 September 2025 A$1.00 = NZD $1.06 Required: What is the amount payable at 1 September and 30 September 2025 in Australian dollars? (Rounded to the nearest whole A$.) ANSWER a):          Did the Australian dollar strengthen or weaken? ANSWER b):          Prepare the journal entries for the above dates showing the amount of exchange gain or loss

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