PLEASE SOLVE FOR PART B

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Problem 12-1 GAF manufactures electrical cells at its St. Louis facility. The company's 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. Billing Amount Transaction Rate of Exchange Date 2014 Sept. 5 17,251 pesos $1.1291 9 12,202 Pounds 1.6821 14 Exported 10 electrical cells to a company located in Argentina. Cost per unit, $810. 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. Exported 12 electrical cells to a company domiciled in Norway. Cost per unit, $830. End of fiscal year-end. Peso British pound Krone 158,742 Krone 0.1450 30 1.1091 1.6911 0.1530 Rate of Exchange Billing Amount Date Oct. 5 1.1190 Transaction Received full payment for the 10 units sold on September 5. Paid British company in full for raw materials purchased September 9. Received full payment for 12 units sold on September 14. 9 1.5948 0.1440 30 Prepare the journal entries required on the books of GAF to record the transactions and year-end adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit Sept. 5 v Accounts Receivable 19478 Sales 19478 (To record sales) Cost of Goods Sold 8100 8100 Inventory (To record cost of goods sold) Sept. 9 Accounts Receivable 20525 Accounts Payable 20525 Sept. 14 v Accounts Receivable 23018 Sales 00 00 0000 0 23018 (To record sales) Cost of Goods Sold 8300 Inventory 8300 (To record cost of goods sold) Sept. 30 v Transaction Loss 345 Accounts Receivable 345 Depu. JUManisaLLIOT LOSS 1431 345 Accounts Receivable (To record gain or loss on accounts receivable of Sept. 5 sales) Transaction Loss 110 10 000 1100 Accounts Payable (To record gain or loss on accounts payable) Accounts Receivable 12700 Transaction Loss 1270 (To record gain or loss on accounts receivable of Sept. 14 sales) Oct. 5 Cash 19304 Transaction Gain 171 Accounts Receivable 19133 Oct. 9 Accounts Payable 20635 TORRE Transaction Gain 1175 Cash 19460 Oct. 30 Cash 22859 Transaction Loss 1429 Accounts Receivable 24288/ (b) 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 $