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Question - Global Incorporation is a retailer of antique furniture. On 19 October 2020 Global Incorporation purchased 100 antique tables from a US supplier for a total of $1,800,000. Global Incorporation has a year end of 31 December 2020 and uses sterling as its functional currency. Exchange rates are as follows.
-19 October 2020 £1 = $1.8
-15 December 2020 £1 = $1.9
-20 December 2020 £1 = $1.95
-31 December 2020 £1 = $2.0
-Average rate for 2020 £1 = $1.6
-3 February 2021 £1 = $2.4
Required - Determine, according to IAS 21: The Effects of Changes in Foreign Exchange Rates, the impact of the above transaction on the profits of Global Incorporation for the year ended 31 December 2020 and on the statement of financial position at that date assuming that 55 of the tables were sold on 15 December 2020 with the remaining 45 tables being sold on 3 February 2021. All the tables were paid for by Global Incorporation on 3 February 2021.
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