Reference no: EM133071385
Question - On October 1, 2028, Philly Company purchased inventory from a German supplier for 80,000 Euros. Payment is due on January 31, 2029. Simultaneously, Philly entered into a forward contract for 80,000 Euros for settlement on January 31, 2029.
Payment was made to the foreign supplier on 1/31/2029.
Spot rates on 10/1/2028, 12/31/2028, and 1/31/2029, were $1.32, $1.21, and $1.45, respectively.
Forward rates on 10/1/2028 and 12/31/2028 were $1.39 and $1.33 respectively.
Required -
(a) Prepare all journal entries related to the above transactions on October 1, 2028, December 31, 2028, and January 31, 2029, assuming the inventory was delivered to Philly Company on 10/1/2028.
(b) Prepare all journal entries related to the above transactions on October 1, 2028, December 31, 2028, and January 31, 2029, assuming the inventory was delivered to Philly Company on 1/31/2029.
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