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QUESTION FIVE (25 marks: 35 minutes) Deluxe Limited, a South African company placed an order for inventory from Exclusive Limited, a company based in the

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QUESTION FIVE (25 marks: 35 minutes) Deluxe Limited, a South African company placed an order for inventory from Exclusive Limited, a company based in the U.S. The inventory was invoiced for $220000. The goods were loaded free on board (FOB) on 25 March 2019 and arrived in South Africa on 5 April 2019. Deluxe Limited agreed to pay Exclusive Limited in two equal instalments on the 31 May 2019 and 31 August 2019. As at 30 June 2019,65% of the inventory was sold locally for cash. The remaining inventory was sold for cash during the year ending 30 June 2020. Deluxe Limited has a 30 June year end. The relevant exchange rates are as follows: Required: Prepare the journal entries of Deluxe Limited for the years ended 30 June 2019 and 30 June 2020. Please include dates and narrations

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