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On 1 May 2005 Harry's Plastics Ltd Acquires Goods from a Supplier

Question 24

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On 1 May 2005 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from America on 1 May 2005. The cost of the goods is US$1,500,000. The amount has not been paid at period end, 30 June 2005. Exchange rates are as follows:
On 1 May 2005 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from America on 1 May 2005. The cost of the goods is US$1,500,000. The amount has not been paid at period end, 30 June 2005. Exchange rates are as follows: Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
Harry's Plastics Ltd uses a perpetual inventory system.
What entries are required at transaction date and reporting date (rounded to the nearest whole $A) ?


A) On 1 May 2005 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from America on 1 May 2005. The cost of the goods is US$1,500,000. The amount has not been paid at period end, 30 June 2005. Exchange rates are as follows: Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
B) On 1 May 2005 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from America on 1 May 2005. The cost of the goods is US$1,500,000. The amount has not been paid at period end, 30 June 2005. Exchange rates are as follows: Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
C) On 1 May 2005 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from America on 1 May 2005. The cost of the goods is US$1,500,000. The amount has not been paid at period end, 30 June 2005. Exchange rates are as follows: Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
D) On 1 May 2005 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from America on 1 May 2005. The cost of the goods is US$1,500,000. The amount has not been paid at period end, 30 June 2005. Exchange rates are as follows: Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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