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At what amount should Philip Company carry parts inventory

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Question - St. Philip Company ordered parts costing €250,000 from a foreign supplier on January 15 when the spot rate was $0.21 per €. A one-month forward contract was signed on that date to purchase €250,000 at a forward rate of $0.23. The forward contract is properly designated as a fair value hedge of the €250,000 firm commitment. On February 15, when the company receives the parts, the spot rate is $0.22. At what amount should St. Philip Company carry the parts inventory on its books?

$55,000

$52,500

$54,000

$57,500

Reference no: EM132346487

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