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Calculate the inventory value for the balance sheet

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Reference no: EM133105316

Question - Idaho Limited reports the following items in US$:

Opening stock 34,500

Purchases 322,000

Closing stock 27,600

Purchases were acquired evenly across the year. Closing stock was acquired evenly over the month of June. The following exchange rates applied:

Start of the reporting period US$ 1.00 = AUD $1.80

End of reporting period US$ 1.00 = AUD $1.65

Average rate for year US$ 1.00 = AUD $1.75

Average rate for the month of June US$ 1.00 = AUD $1.68

Calculate the Inventory value for the balance sheet translated into the presentation currency of AUD?

Reference no: EM133105316

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