prepare journal entries for marx ltd to record this transaction

Marx Ltd is an Australian company that purchases inventories (guitars) from Steyn Music AG, which is a German company. The most recent acquisition involved the acquisition of inventories for 400,000, with contract terms including FOB (i.e., shipping point). Critical dates are as follows: Date Event Exchange rate 1 May 2020 Inventories ordered A$1= 0.55 11 May 2020 Inventories shipped A$1= 0.58 30 June 2020 End of reporting period A$1= 0.60 31 July 2020 Payment A$1= 0.64