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Make inventory will be reported at the amount

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Soho Corporation of Britain is 100% owned subsidiary of Pluto Corporation, a U.S. firm. Soho's ending inventory was reported as 10,000 British Pounds. This inventory was acquired when the exchange rate was $0.71. The weighted average rate for the current year was $0.72, and the current exchange rate on the balance sheet date is $0.75

Problem A. Inventory will be reported at the following amount on translated financial statements:

Problem B. Inventory will be reported at the following amount on remeasured financial statements

Reference no: EM132716534

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