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$1 500 000. The amount has not been paid at period end, 30 June 2015. Exchange rates are as follows:\\n \\n\\n\\nHarry's Plastics Ltd uses a perpetual inventory system.\\nWhat entries are required at transaction date and reporting date (rounded to the nearest whole A$)?

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$1 500 000. The amount has not been paid at period end, 30 June 2015. Exchange rates are as follows:\\n \\n\\n\\nHarry's Plastics Ltd uses a perpetual inventory system.\\nWhat entries are required at transaction date and reporting date (rounded to the nearest whole A$)?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter25: Taxation Of International Transact Ions

Section: Chapter Questions

Problem 20P

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