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Hedging Foreign Exchange Risk On November 1, 2022, Ambrose Co. purchased inventory from a customer...

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Hedging Foreign Exchange Risk On November 1, 2022, Ambrose Co. purchased inventory from a customer for 120,000FCUs with payment to be received on April 30, 2023. At the date of sale, Ambrose entered into a forward exchange contract wherein 120,000 FCUs would be received from a currency broker in six months. The six month forward exchange rate on that date was 1FCU=$0.52. The spot rates and forward rates on various dates were as follows: REQUIRED: Prepare journal entries for this transaction and forward contract

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