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How much is the inventory to be reported by abc

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Question - ABC Company, a local company in the Philippines, bought raw materials as ingredients in its products from XYZ Corporation, a US company, for 35,000 US Dollars in 2022. Pertinent exchange rates relating to the transaction are as follows:

Buying Rate

Selling Rate

Receipt of order

P47.10

P47.20

Date of shipment

47.25

47.45

Balance sheet date

49.50

49.60

Settlement date

49.45

49.50

Required - How much is the inventory to be reported by ABC in its books assuming the inventory is not yet sold as of year-end?

Reference no: EM133185951

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