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Newberry, Inc. whose reporting currency is the U.S. dollar, has a subsidiary in Argentina, whose functional; currency also is the U.S. dollar. The subsidiary acquires inventory on credit on November 1, 2020, for 210,000 pesos that is sold on January 17, 2021, for 243,000 pesos. The subsidiary pays for the inventory on January 31, 2021. Currency exchange rates are as follow:
November1, 2020 $0.54 =1 peso
December 31,2020 0.55 =1
January 17,2021 0.56 = 1
January 31,2021 0.57 =1
1. What amount does Newberry's consolidated balance sheet repot for this inventory at December 31,2020?
2. What amount does Newbery's consolidated income statement report for cost of goods sold for the year ending December 31, 2021?
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