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Question - An Australian company known as Platypus Ltd purchases inventories from Laifong Group in China. The following data is provided based on a recent purchase of ¥750 000 for inventories based on a contract with an FOB shipping point contract. Below are the relevant exchange rates.
Date
Event
Exchange rate
12 April 2023
Inventories shipped
A$1 = ¥4.94
16 May 2023
Inventories delivered
A$1 = ¥5.15
30 June 2023
End of reporting date
A$1 = ¥5.85
20 August 2023
Cash settlement date
A$1 = ¥3.85
Required - Prepare the journal entries for Platypus Ltd to record the above transaction. Show your workings under each journal entry (round to the nearest dollar).
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