GAF manufactures electrical cells at its St. Louis facility. The company€™s fiscal year-end is September 30. It has adopted the perpetual inventory cost flow method to control inventory costs. The company entered into the following transactions during the month of September.
All exchange rates are direct quotations.

Required:
A. Prepare the journal entries required on the books of GAF to record the transactions and year-end adjustments. Round all computations to the nearest dollar.
B. Based on the two exporting transactions listed above, complete the followingtable.

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Transaction Sept. 5 Sept. 14 September 90, 2008, year-end: 1. Sales 2. Transaction gain (loss) September 30, 2009, year-end: 3. Sales 4. Transaction gain (loss) 5. Net effect on income for both years (Sum lines 1-4)_ 6. Cash received on settlement date