A foreign subsidiary uses the first-in first-out inventory method. The following inventory balances are given at December 31, 2013 in local currency units (LCU) : 
Compute the December 31, 2013, inventory balance using the lower of cost or market method under the temporal method.
Definitions:
Cash Flow Hedge
A financial strategy used to manage risks associated with fluctuations in cash flows by using a hedge instrument to offset potential losses or gains.
Spot Exchange Rates
The present rate at which one currency is traded for another with immediate effect.
Net Income
The overall earnings of a firm once expenses and taxes are subtracted from its total revenue.
Cash Flow Hedge
A financial strategy used to manage the risk of fluctuations in cash flows caused by changes in foreign exchange rates, interest rates, or commodity prices.
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