1 A U S company, with an accounting year end of December 31, engages in the transactions indicated below The company's inventory allocation method is FIFO and they use the perpetual inventory system a On May 20, when the exchange rate was $1 40 , a U S company purchased merchandise from a U K supplier for 10,000 b On June 5 the U S company acquired the required amount of U K s and paid for the merchandise when the exchange rate was $1 38 c On August 15, when the exchange rate was $1 23 , the U S company sold the merchandise purchased from the U K supplier to a customer in Belgium at an invoice price of 16,000 d On September 6, when the exchange rate was $1 21 , the U S company received payment of 16,000 from the Belgian customer prepare the entries to recognize the above transactions

Question

1 A U S  company, with an accounting year end of December 31, engages in the transactions indicated below  The company's inventory allocation method is FIFO and they use the perpetual inventory system  a On May 20, when the exchange rate was $1 40 , a U S  company purchased merchandise from a U K  supplier for 10,000  b On June 5 the U S  company acquired the required amount of U K  s and paid for the merchandise when the exchange rate was $1 38   c On August 15, when the exchange rate was $1 23 , the U S  company sold the merchandise purchased from the U K  supplier to a customer in Belgium at an invoice price of 16,000  d On September 6, when the exchange rate was $1 21 , the U S  company received payment of 16,000 from the Belgian customer  prepare the entries to recognize the above transactions

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1.A U.S. company, with an accounting year end of December 31, engages in the transactions indicated below. The company's inventory allocation method is FIFO and

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