On 1 May 2015 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods
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Question:
On 1 May 2015 Harry's Plastics Ltd acquires goods from a supplier in the
US. The goods are shipped f.o.b. from the United States on 1 May 2015.
The cost of the goods is US$1 500 000. The amount has not been paid at
period end, 30 June 2015. Exchange rates are as follows:
Harry's Plastics Ltd uses a perpetual inventory system.
What entries are required at transaction date and reporting date (rounded
to the nearest whole A$)?
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