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Prepare all journal entries in connection with this purchase

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Question - The Hills Company purchased inventory from a foreign supplier on November 30, 2011 for 80,000 local currency units (LCU). Payment was made to the supplier on January 23, 2012. The exchange rates for 1 LCU are:

November 30, 2011 $ .50

December 31, 2011 .55

January 23, 2012 .47

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

Reference no: EM131783616

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