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 following table.

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Rate of Exchange Billing Date Transaction Атount 2019 Sept. 5 Exported 10 electrical cells to a company located in Argentina. Cost per unit, $950. 9 Received raw materials ordered from a British company. The goods were shipped FOB destination and had not been recorded on the $1.1291 17,341 pesos books of GAF, Inc. 14 Exported 12 electrical cells to a company domiciled in Norway. Cost per unit, $970. 30 End of fiscal year-end. 12,200 Pounds 1.6821 160,274 Krone .1450 Peso 1.1091 British pound 1.6911 Krone .1530 Rate of Exchange Billing Date Transaction Атount 5 Received full payment for the 10 units sold on September 5. 9 Paid British company in full for raw materials purchased September 9. 30 Received full payment for 12 units sold on September 14. Oct. 1.1190 1.5948 .1440 Transaction Sept. 5 Sept. 14 September 30, 2019, year-end: 1. Sales 2. Transaction gain (loss) September 30, 2020, 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