A US Company Buys Merchandise from a Singapore Supplier on May

A U.S. company buys merchandise from a Singapore supplier on May 1 for S$100,000. The company pays the bill on August 1. To hedge foreign exchange risk, on May 1 the U.S. company enters a forward purchase contract for S$100,000 with an August 1 delivery date. On August 1 the company purchases the Singapore dollars through the forward contract and pays the supplier. On August 15 the company sells the merchandise to a U.S. customer for $90,000 in cash. Assume the company records cost of goods sold when the sale is made. The company's fiscal year ends June 30. Relevant rates ($/S$) are as follows:
$$\begin{array} { | l | c | c | } \hline & \text { Spot Rate } & \begin{array} { c } \text { Forward Rate for } \\\text { August 1 Delivery }\end{array} \\\hline \text { May 1 } & \$ 0.758 & \$ 0.759 \\\hline \text { June 30 } & 0.767 & 0.770 \\\hline \text { August 1 } & 0.773 & 0.773 \\\hline\end{array}$$ Required
Make the journal entries to record the above events, including appropriate fiscal year-end adjusting entries.