Prepare the journal entries to record the purchase and all the adjustments required at November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the forecasted purchase and forward contract accounts.

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Answer 1

Question

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

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Answer 2

Question

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

Answer 6

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

Answer 7

Chapter 7, Problem 47E

a.

To determine

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

Answer 8

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

Answer 9

b.

To determine

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

Answer 10

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

Answer 11

c.

To determine

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Prepare the journal entries to record the purchase and all the adjustments required at November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the forecasted purchase and forward contract accounts.

Prepare the journal entries to record the purchase and all the adjustments required at November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the forecasted purchase and forward contract accounts.

Compare with the forward rate at the beginning of the forward contract the net cash paid for both the inventory and the settlement of the forward-contract derivatives.

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018; the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total amount of cost of goods sold recognized across the quarters ending June 30, 2019.

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Chapter 7 Solutions

Prepare the journal entries to record the purchase and all the adjustments required at

November 15, 2018, December 31, 2018 and March 25, 2019 and June 1, 2019 for the

forecasted purchase and forward contract accounts.

Compare with the forward rate at the beginning of the forward contract the net cash

paid for both the inventory and the settlement of the forward-contract derivatives.

Evaluate the amount of cost of goods sold recognized in the quarter ending Dec 31, 2018;

the quarter ending Mar 31, 2019 and explain these amounts and also evaluate the total

amount of cost of goods sold recognized across the quarters ending June 30, 2019.