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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?
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