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Ignore taxes and GST. The perpetual inventory system is used. AUD is the functional currency. On June 15, Aussie Co. purchased inventory on account, EUR
Ignore taxes and GST. The perpetual inventory system is used. AUD is the functional currency. On June 15, Aussie Co. purchased inventory on account, EUR 3,756,n/60. [Spot rate : EUR 1 = AUD 1.55] On June 25, Aussie Co. sold the inventory to Customer Co. for AUD 7,000. [Spot rate: EUR 1: AUD 1.60] On June 30 , Aussie Co. prepared adjusting entries for the fiscal year. [Spot rate: EUR 1: AUD 1.65] The Cost of Sales from the June 25 transaction to report in the Income Statement for this financial year ended June 30 is: A) $3,756.00. B) $5,821.80. C) $6,009.60. D) $6,197.40
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