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Beta Co. purchased inventory costing USD300,000 on 1 October 2016 with cash payment. The inventory were resold at retail price of USD350,000 on 1 February

Beta Co. purchased inventory costing USD300,000 on 1 October 2016 with cash payment. The inventory were resold at retail price of USD350,000 on 1 February 2017. The sale was done on credit, with cash collection on 1 March 2017. The USD/SGD spot rates are as follows: 1-Oct-16 31-Dec-16 1-Feb-17 1-Mar-17 USD/SGD spot rates 1.23 1.22 1.24 1.23 Functional currency of Beta Co. was SGD. Requirement Record the journal entries on 1 October 2016, 31 December 2016, 1 February 2017 and 1 March 2017

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