Business, 22.07.2019 17:20 b2cutie456

On january 1, year 1, kiner company formed a foreign branch. the branch purchased merchandise at a cost of 720,000 local currency units (lcu) on february 15, year 1. the purchase price was equivalent to $180,000 on this date. the branch’s inventory at december 31, year 1, consisted solely of merchandise purchased on february 15, year 1, and amounted to 240,000 lcu. the exchange rate was 6 lcu to $1 on december 31, year 1, and the average rate of exchange was 5 lcu to $1 for year 1. assume that the lcu is the functional currency of the branch. in kiner’s december 31, year 1 balance sheet, the branch inventory balance of 240,000 lcu should be translated to united states dollars at

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On january 1, year 1, kiner company formed a foreign branch. the branch purchased merchandise at a c...

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