A6-7 ASPE-Entries for Critical Events: Maypole Industries imports goods from Taiwan and resells them to domestic Canadian markets. Maypole uses a perpetual inventory system. A typical transaction stream follows: 18 July Purchased goods for $456,000. 24 August Goods repackaged and ready for sale. Cost incurred, $60,000. 10 September Goods delivered to customer. Agreed on price, $712,000. 22 November Customer paid. Page 377 Required: 1. Prepare journal entries assuming the following critical events: a. Delivery to customer b. Cash receipt c. Preparation of goods for resale 2. Explain the circumstances under which each of these methods would be appropriate. Solution