Question: Mee Co. acquired inventory from a foreign entity for 100,000 FCUs (foreign currency units). The term Is FOB Shipping Potnit. Relevant Information follows: Date Particulars

 Mee Co. acquired inventory from a foreign entity for 100,000 FCUs

Mee Co. acquired inventory from a foreign entity for 100,000 FCUs (foreign currency units). The term Is FOB Shipping Potnit. Relevant Information follows: Date Particulars Exchange rates (1 FCU to LCUs) Dec. 1, 20x1 Place of order 13.70 LCUs Dec. 22, 20x1 Date of shipment 13.75 Dec. 31, 20x1 End of reporting period 13.80 Jan. 8, 20x2 Settlement date 13.50 Requirements: a. How much accounts payable is initially recognized form the transaction? b. How much is the foreign exchange gain (loss) is recognized in Mee's 20x1 statement of profit or loss? C. How much inventory from the transaction is included in Mee's 20x1 statement of financial position? d. How much accounts payable from the transaction is included in Mee's 20x1 statement of financial position? e. How much is the foreign exchange gain (loss) is recognized in Mee's 20x2 statement of profit or loss? f. How much is the total foreign exchange gain (loss) recognized from the transaction

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