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Prepare the journal entries for Platypus Ltd

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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).

Reference no: EM133067768

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