Business, 27.04.2021 16:00 jocelynmarquillo1
A subsidiary of Porter Inc., a U. S. company, is located in France. The functional currency of this subsidiary is the dollar. The subsidiary acquired inventory on credit on November 1, 2020, for 200,000 Euro. The inventory was sold on January 17, 2021 for E250,000. The subsidiary paid for the inventory on January 31, 2021. Currency exchange rates between the dollar and the Euro were as follows:
November 1, 2019 E1=1.32
December 31, 2019 E1=1.30
January 17, 2020 E1= 1.21
October 1, 2018 E1=1.35
December 31, 2018 E1=1.15
The inventory balance for this inventory in Porter's consolidated balance sheet at December 31, 2019 was
Answers: 2
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A subsidiary of Porter Inc., a U. S. company, is located in France. The functional currency of this...
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