https/newconnect mheducation com/low/connect htm Help Save& ExitS Required infor

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https/newconnect mheducation com/low/connect htm Help Save& ExitS Required information Newberry. Inc. whose reporting currency is the US dollar (S), has a subsidiary in Argentina, whose functional currency also is the S. The subsidiary acquires inventory on credit on November 1, 2017, for 130,000 po sold on January 17. 2018, for 178,000 pesos. The subsidlary pays for the inventory on January 31, 2018. Currency exchange rates are as follows November 1, 2017 $0.34 -1 peso December 31, 2817 8.35 1 anuary 17, 2818 8.36 1 anuary 31, 2018 8.37 -1 What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2017? Mult ple Choice Prev 1 2 of 4Next> 8. 8

Explanation / Answer

Purchase price of inventory 130,000 pesos

Exchange rate on December 31, 2017 $0.35 = 1 peso

Value of inventory as at Dec.31, 2017 $45,500.

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