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Help me with question C, please!! Forward exchange contract designated as a fair value hedge of a foreign-currency-denominated accounts payable, strengthening $US On October 20,

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Help me with question C, please!!

Forward exchange contract designated as a fair value hedge of a foreign-currency-denominated accounts payable, strengthening \$US On October 20, 2021, our company purchased from a company located in Slovenia 106,000 units of a product at a purchase price of 6.00 per unit. Our company is required to pay for the merchandise in Euros ( ). The exchange rate on the date of purchase is $1.47:1, and the due date for our payment is January 20, 2022. To mitigate the risk of exchange rate fluctuations between the purchase date and the payment date, on October 20,2021 , our company enters into a forward contract with an exchange broker. The contract obligates our company to buy 636,000 on January 20,2022 , while we lock in the \$US we will pay for the Euros on that date at the forward rate of $1.44:1 (i.e., the forward rate on October 20 , 2021, for settlement on January 20, 2022). Assume this derivative qualifies as a fair value hedge, and our company's functional currency and reporting currency is the \$US. The following table includes the spot rates, forward rates, and related values of the accounts payable and forward contract on October 20, 2021, December 31, 2021, and January 20, 2022. When computing fair values, ignore discounting. a For settlement on January 20, 2022 b Ignore discounting in the computation of fair values. a. Prepare the journal entries to record the purchase and all adjustments required for the accounts payable and forward contract at October 20, 2021, December 31, 2021, and January 20, 2022. Note: If no entry is required, select "No entry" as your answers under Description and leave the debit and credit answers blank (zero). Hedged Transaction b. Reconcile to the forward rate at the forward contract's inception the net cash paid for both the settlement of the payable and the settlement of the forward-contract derivative. Note: Do not use a negative sign with your answer. Net cash paid for settlement of the payable and forward-contract derivative is: c. Assume all of the inventory was sold by our company during the quarter ended December 31, 2021. What amount of cost of goods sold was recognized in the quarter ending December 31, 20121 ? $ What amount of cost of goods sold was recognized in the quarter ending March 31, 2022? $ What is the total amount of cost of goods sold recognized across the quarters ending December 31, 2021, and March 31, 2022

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