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Question - On October 15, 2019, Behaved Company, a Philippine company ordered a merchandise from Patient Company, a company based in China, for 31,800 Chinese Yuan. The merchandise was delivered on December 18, 2019. The invoice was dated December 2, 2019, the shipping date, FOB shipping point. Behaved Company paid the invoice on January 28, 2020.
The spot rates for CNY on the respective dates were:
October 15, 2019 P7.69
December 2, 2019 P7.62
December 18, 2019 P7.56
December 31, 2019 P7.23
January 28, 2020 P7.32
What amount will affect the profit or loss in 2019? What amount will affect the profit or loss in 2020? How much should Behaved Company initially record the merchandise purchased from Patient Company?
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