Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina,...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina, whose functional currency also is the $. The subsidiary acquires inventory on credit on November 1, 2017, for 160,000 pesos that is sold on January 17 2018, for 187000 pesos. The subsidliary pays for the inventory on January 31. 2018. Currency exchange rates are as follows: November 1, 2017 December 31, 2017 January 17, 2018 January 31, 2818 8.52 1 peso 0.53 -1 0.54 1 . 55-1 What amount does Newberry's consolidated income statement report for cost of goods sold for the year ending December 31, 2018? $88,000 $84,800 $83,200. $86.400
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
