REFERENCE: Ref.10_05 a Subsidiary of Porter Inc. ,A U.S.company,was Located in a in a Foreign

question 41

Multiple Choice

REFERENCE: Ref.10_05
A subsidiary of Porter Inc. ,a U.S.company,was located in a foreign country.The functional currency of this subsidiary was the stickle (§) .The subsidiary acquired inventory on credit on November 1,2008,for §120,000 that was sold on January 17,2009 for §156,000.The subsidiary paid for the inventory on January 31,2009.Currency exchange rates between the dollar and the stickle were as follows:

-What figure would have been reported for this inventory on Porter's consolidated balance sheet at December 31,2008?

• A)$24,000.
• B)$26,400.
• C)$22,800.
• D)$27,600.
• E)$28,800.

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Vulnerable Population

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Nonconformist Groups

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Special Interest

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