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Whole Foods Inc buys merchandise from suppliers in Germany and pays the suppliers in Euros. Whole Foods fiscal year ends on 6/30. On 3/1/2019 they
Whole Foods Inc buys merchandise from suppliers in Germany and pays the suppliers in Euros. Whole Foods fiscal year ends on 6/30. On 3/1/2019 they made inventory purchase of 1 million Euros payable on 8/16/19. They also entered a forward contract to purchase 1 million Euros on 8/15/2019.
The exchange rates are the following:
| Date | Spot Rate | Forward Rate |
| 3/1/19 | 1EURO= 1.05 USD | 1 EURO =1.07 USD |
| 6/30/19 | 1 EURO = 1.12 USD | 1 EURO = 1.14 USD |
| 8/15/19 | 1 EURO = 1.15 USD | N/A (forward rate= spot rate) |
Provide journal entries for 3/1, 6/30 and 8/15 of 2019.
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