Question
A subsidiary of Vivienne Inc., a U.S. company, was located in France. The functional currency of this subsidiary was the dollar. The subsidiary acquired inventory
A subsidiary of Vivienne Inc., a U.S. company, was located in France. The functional currency of this subsidiary was the dollar. The subsidiary acquired inventory on credit on October 1, 2020, for 350,000 Euro. the inventory was was sold on January 21, 2021 for E500,000. The subsidiary paid for the inventory on January 31, 2021. Currency exchange rates between the dollar and the Euro were as follows: 10/1/2020 E1=1.16 12/31/2020 E1=1.20 1/21/2021 E1=1.21 1/31/2021 E1=1.14 The inventory balance for this inventory in Vivienne's consolidated balance sheet at December 31, 2020 was _________.
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