In 2006, a domestic importer ordered and received inventory costing 100,000 pounds from a British firm (FOB destination). Full payment was made in 2007 using a bank wire transfer. Direct spot exchange rate information for the pound follows:
Required:
Prepare all the appropriate journal entries to be recorded on the books of the domestic importer.

Question

In 2006, a domestic importer ordered and received inventory costing 100,000 pounds from a British firm (FOB destination). Full payment was made in 2007 using a bank wire transfer. Direct spot exchange rate information for the pound follows:
  Required:
Prepare all the appropriate journal entries to be recorded on the books of the domestic importer.

Quizplus · Accepted Answer

The Answer of In 2006, a domestic importer ordered and received inventory costing 100,000 pounds from a British firm (FOB destination). Full payment was made in 2007 using a bank wire transfer. Direct spot exchange rate information for the pound follows:
  Required:
Prepare all the appropriate journal entries to be recorded on the books of the domestic importer.

In 2006, a Domestic Importer Ordered and Received Inventory Costing