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Question) Mikkalos Ltd is an Australian company that purchases inventory (PPE) from...

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Accounting

Question) Mikkalos Ltd is an Australian company that purchases inventory (PPE) from Shultz AG, which is a German company. The most recent acquisition involved the acquisition of inventories for 150,000 pounds eith contract terms including FOB shipping point

Credit dates are;

Date Event Exchange

1/5/20 Inventory ordered $A- 0.55p

11/5/20 Inv. shipped $A- 0.58p

30/6/20 End of reporting $A- 0.6p

31/7/20 Payment $A- 0.64p

Prepare the journal entries for Mikkakos Ltd to record this transaction.

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