The ending inventory shown in the trial balance

Reference no: EM131061664

On September 30, 20X8, Wilfred Company sold inventory to Jackson Corporation, its Canadian subsidiary. The goods cost Wilfred $30,000 and were sold to Jackson for $40,000, payable in Canadian dollars. The goods are still on hand at the end of the year on December 31. The Canadian dollar (C$) is the functional currency of the Canadian subsidiary. The exchange rates follow:

Required information

Based on the preceding information, at what dollar amount is the ending inventory shown in the trial balance of the consolidated worksheet?

$45,000

$50,000

$40,000

$35,000

Required information

Based on the preceding information, what amount of unrealized intercompany gross profit is eliminated in preparing the consolidated financial statements for the year?

$5,000

$10,000

$15,000

Required information

Based on the preceding information, at what amount is the inventory shown on the consolidated balance sheet for the year?

$45,000

$30,000

$40,000

$35,000

Please show your work. Thank you.

Reference no: EM131061664

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