Behd Company, a U.S. firm, sold some of its inventory to Edinburgo Company, a company based in Scotland, on November 27, 2014, when the local currency unit (the pound Sterling, "GBP") was trading at $1.64 : 1 GBP. The sales agreement called for Edinburgo to pay 140,000 GBP on January 26, 2015. Additional exchange rates are shown below:
Required: Show all related journal entries for Behd Company.
Definitions:
Work in Process
Items in production that are not yet completed; a part of inventory.
Molding Department
A production sector within a manufacturing facility where raw materials are shaped into components or products using molds.
Work in Process
Inventory that includes goods that are in the production process but are not yet complete.
Processing Department
A unit or area in a manufacturing facility where raw materials are processed into finished goods.
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