Hills company purchased inventory from a foreign supplier

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Hills Company purchased inventory from a foreign supplier on November 30, 2013 for 80,000 local currency units (LCU). Payment was made to the supplier on January 23, 2014. The exchange rates for 1 LCU are:

November 30, 2013 at $0.50

December 31st, 2013 at $0.55

January 23rd, 2014 at $0.47

Prepare all journal entries in connection with this purchase of inventory.

Reference no: EM13575246

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