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On November 1, 2019, Dunn Company (a U.S.-based company) forecasts the purchase of goods from a foreign supplier for 200,000 yuan. Cheng expects to receive the goods on April 30, 2020, and make immediate payment. On November 1, 2019, Dunn enters into a six-month forward contract to buy 200,000 yuan. The company properly designates the forward contract as a cash flow hedge of a forecasted foreign currency transaction. Forward points are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis over the life of the contract. The following U.S. dollarYuan exchange rates apply:

Date	Spot Rate			Forward Rate (to April 30, 2020)
November 1, 2019	$	0.25		$	0.255
December 31, 2019		0.21			0.230
April 30, 2021		0.24			N/A

As expected, Dunn receives goods from the foreign supplier on April 30, 2020, and pays 200,000 yuan immediately. Dunn sells the imported goods in the local market in May 2020.

3 12/31/2020 Cost of goods sold Other comprehensive income 4 04/30/2021 Forward contract Other comprehensive income 5 04/30/2021 Cost of goods sold Other comprehensive income 6 04/30/2021 Forward contract Foreign currency (Yuan) 7 04/30/2021 Inventory Foreign currency (Yuan) 8 04/30/2021 Cost of goods sold Inventory 3 12/31/2020 Cost of goods sold Other comprehensive income 4 04/30/2021 Forward contract Other comprehensive income 5 04/30/2021 Cost of goods sold Other comprehensive income 6 04/30/2021 Forward contract Foreign currency (Yuan) 7 04/30/2021 Inventory Foreign currency (Yuan) 8 04/30/2021 Cost of goods sold Inventory