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At what amount should the inventory be shown on the Hub

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Question - Hub Company is a foreign subsidiary located in the United States. It uses the US dollar for internal operations. At December 31, 2015, the company's inventory on hand had a cost of US$20,000 and a net realizable value of US$21,000. The inventory had been purchased evenly over the last quarter of 2015. The parent company's inventory on hand at December 31, 2015, had a cost of C$45,000 and a net realizable value of C$ 44,000. Foreign exchange rates were as follow: Average for the year 2015 US$1= C$1.28 Average for quarter 4 for the year 2015 US$1= C$1.27 December 31, 2015. US$1= C$1.20 At what amount should the inventory be shown on the Hub balance sheet after translation assuming that Hub's functional currency is the C$?

Reference no: EM133096716

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