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peso d income statement report for cost of goods sold for the year ending December

peso d income statement report for cost of goods sold for the year ending December

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information [The following information applies to the questions displayed below.] Newberry, Inc., whose reporting currency is the U.S. dollar, has a subsidiary in Argentina, whose functional currency also is the U.S. dollar. The subsidiary acquires inventory on credit on November 1, 2020, for 130,000 pesos that is sold on January 17, 2021, for 178,000 pesos. The subsidiary pays for the inventory on January 31, 2021. Currency exchange rates are as follows: November 1, 2020 December 31, 2020 January 17, 2021 January 31, 2021 Multiple Choice hat amount does Newberry's consolidated income statement report for cost of goods sold for the year ending December 31, 2021? $48,100 $44,200 $45,500 $0.34 1 peso 0.35 =1 $46,800 0.36 1 0.37 1
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Newberry, Inc., whose reporting currency is the U.S. dollar, has a subsidiary in Argentina, whose functional currency also is the U.S. dollar. The subsidiary acquires inventory on credit on November 1, 2020, for 130,000 pesos that is sold on January 17, 2021, for 178,000 pesos. The subsidiary pays for the inventory on January 31, 2021. Currency exchange rates are as follows: November 1, 2020 December 31, 2020 January 17, 2021 January 31, 2021 Multiple Choice hat amount does Newberry's consolidated income statement report for cost of goods sold for the year ending December 31, 2021? $48,100 $44,200 $45,500 $0.34 1 peso 0.35 =1 $46,800 0.36 1 0.37 1
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