Solved: Gaw produce co purchased inventory from a japanese company, Cost Accounting

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Gaw produce co purchased inventory from a japanese company

Gaw Produce CO. purchased inventory from a Japanese company on December 18, 2011. payment of 4,000,000 yen was due on January 18,2012.

Exchange Rate Between the dollar and the yen were as follows:

December 18 2011 1 yen = .0080 dollars

December 31 2011 1 yen = .0082 dollars

January 18 2012 1 yen = .0083 dollars

Required: prepare all journal entries for Gaw Produce Co. in connection with the purchase and payment.

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Cost Accounting: Gaw produce co purchased inventory from a japanese company

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Cost Accounting: Gaw produce co purchased inventory from a japanese company

Reference No:- TGS02592421

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