Question
Please help me complete this table. I cannot get lines 3,5, and 6! Problem 12-1 GAF manufactures electrical cells at its St. Louis facility. The
Please help me complete this table. I cannot get lines 3,5, and 6!
Problem 12-1
GAF manufactures electrical cells at its St. Louis facility. The companys fiscal year-end is September 30. It has adopted the perpetual inventory cost flow method to control inventory costs. The company entered into the following transactions during the month of September. All exchange rates are direct quotations.
Date | Transaction | Billing Amount | Rate of Exchange | |||||
2014 | ||||||||
Sept. | 5 | Exported 10 electrical cells to a company located in Argentina. Cost per unit, $1,130. | 17,284 pesos | $1.1291 | ||||
9 | Received raw materials ordered from a British company. The goods were shipped FOB destination and had not been recorded on the books of GAF, Inc. | 12,254 Pounds | 1.6821 | |||||
14 | Exported 12 electrical cells to a company domiciled in Norway. Cost per unit, $1,150. | 159,312 Krone | 0.1450 | |||||
30 | End of fiscal year-end. | |||||||
Peso | 1.1091 | |||||||
British pound | 1.6911 | |||||||
Krone | 0.1530 | |||||||
Date | Transaction | Billing Amount | Rate of Exchange | |||||
Oct. | 5 | Received full payment for the 10 units sold on September 5. | 1.1190 | |||||
9 | Paid British company in full for raw materials purchased September 9. | 1.5948 | ||||||
30 | Received full payment for 12 units sold on September 14. | 0.1440 |
(b)
Your answer is partially correct. Try again. | |
Based on the two exporting transactions listed above, complete the following table. (Round answers to 0 decimal places, e.g. 5,125. Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). If answer is 0, please enter 0. Do not leave any fields blank.)
Transaction | ||||
Sept. 5 | Sept. 14 | |||
September 30, 2014 year-end: | ||||
1. Sales | $ | $ | ||
2. Transaction gain (loss) | ||||
September 30, 2015 year-end: | ||||
3. Sales | ||||
4. Transaction gain (loss) | ||||
5. Net effect on income for both years | $ | $ | ||
6. Cash received on settlement date | $ | $ |
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