12. A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle ($), the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2012. for $120.000 that was sold on January 17, 2013 for $156,000. The subsidiary paid for the inventory on January 31, 2013. Currency exchange rates between the dollar and the Stickle were as follows: November 1, 2012 $.19 = $1 December 31,2012 $.20 = $1 January 1, 2013 $.22 = $1 January 31, 2013 $.23 = $1 Average for 2013 $.24 = $1 What amount would have been reported for this inventory in Porter's consolidated balance sheet at 5 December 31, 2012? A. $24,000. B. $26,400. C. $22,800. D. $27,600. Page 5 1 8 +