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Bremmer Company's functional currency is the Euro. On February 1, 20X1, when the exchange rate is $1.20 per Euro, Bremmer purchases 100 units of inventory for a total purchase price of 4,300 Euros. Bremmer sells half of the inventory on March 24 and the other half on April 14. The exchange rate is $1.17 on March 24 and $1.21 on April 14.
Problem 1: Bremmer's U.S. based parent company should convert Bremmer's financial statement amount to U.S dollars using the:
Multiple Choice Option 1: monetary method. Option 2: temporal method. Option 3: non-monetary method. Option 4: current rate method.
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