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On 1 May 2015 Harry's Plastics Ltd Acquires Goods from a Supplier

Question 68

Multiple Choice

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: $\begin{array} { | l | l | } \hline 1 \text { May } 2015 & \text { A\$1.00 } = \text { US\$0.59 } \\\hline 30 \text { June } 2015 & \text { A\$1.00 = US\$0.52 } \\\hline\end{array}$ 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 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$1 500 000.The amount has not been paid at period end,30 June 2015.Exchange rates are as follows: \begin{array} { | l | l | } \hline 1 \text { May } 2015 & \text { A\$1.00 } = \text { US\$0.59 } \\ \hline 30 \text { June } 2015 & \text { A\$1.00 = US\$0.52 } \\ \hline \end{array} Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole A$) ? A) B) C) D)$
B)
$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$1 500 000.The amount has not been paid at period end,30 June 2015.Exchange rates are as follows: \begin{array} { | l | l | } \hline 1 \text { May } 2015 & \text { A\$1.00 } = \text { US\$0.59 } \\ \hline 30 \text { June } 2015 & \text { A\$1.00 = US\$0.52 } \\ \hline \end{array} Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole A$) ? A) B) C) D)$
C)
$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$1 500 000.The amount has not been paid at period end,30 June 2015.Exchange rates are as follows: \begin{array} { | l | l | } \hline 1 \text { May } 2015 & \text { A\$1.00 } = \text { US\$0.59 } \\ \hline 30 \text { June } 2015 & \text { A\$1.00 = US\$0.52 } \\ \hline \end{array} Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole A$) ? A) B) C) D)$
D)
$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$1 500 000.The amount has not been paid at period end,30 June 2015.Exchange rates are as follows: \begin{array} { | l | l | } \hline 1 \text { May } 2015 & \text { A\$1.00 } = \text { US\$0.59 } \\ \hline 30 \text { June } 2015 & \text { A\$1.00 = US\$0.52 } \\ \hline \end{array} Harry's Plastics Ltd uses a perpetual inventory system. What entries are required at transaction date and reporting date (rounded to the nearest whole A$) ? A) B) C) D)$

On 1 May 2015 Harry's Plastics Ltd Acquires Goods from a Supplier

Multiple Choice

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