Reference no: EM132599987
The Year 1 financial statements of the Chinese subsidiary of Singcom Limited (a Singapore-based company) revealed the following:
Chinese Yuan (CNY)
Beginning inventory 550,000
Purchases 1,000,000
Ending inventory 250,000
Cost of goods sold 1,300,000
Singapore dollar (SGD) exchange rates for 1 CNY are as follows:
January 1, Year 1 SGD 0.209
Average, Year 1 0.207
December 31, Year 1 0.204
The beginning inventory was acquired in the last quarter of the previous year, when the exchange rate was SGD 0.210 = CNY 1; ending inventory was acquired in the last quarter of the current year, when the exchange rate was SGD 0.205 = CNY 1.
Required:
Question 1: Assuming that the current rate method is the appropriate method of translation, determine the amounts at which the Chinese subsidiary's ending inventory and cost of goods sold should be included in Singcom's Year 1 consolidated financial statements.
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