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Navarro, Inc., whose reporting currency is the U.S. dollar, has

Navarro, Inc., whose reporting currency is the U.S. dollar, has a subsidiary in Argentina, whose functional currency

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Navarro, 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, 2023, for 100,000 pesos that is sold on January 17, 2024, for 130,000 pesos. The subsidiary pays for the inventory on January 31, 2024. Currency exchange rates are as follows:

What amount does Navarro’s consolidated income statement report for cost of goods sold for the year ending December 31, 2024?

a. $16,000

b. $17,000

c. $18,000

d. $19,000

Transcribed Image Text:

November 1, 2023 December 31, 2023 January 17, 2024. January 31, 2024. $0.16 = 1 peso 0.17 = 1 0.18 = 1 0.19 = 1

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Question Posted: Jun 23, 2023 01:19 AM

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