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)?

Question

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)?

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The Answer of 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)?

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