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ABC Company, a local company in the Philippines, bought raw materials as ingredients in its products from XYZ Corporation, a US company, for 35,000 US
ABC Company, a local company in the Philippines, bought raw materials as ingredients in its products from XYZ Corporation, a US company, for 35,000 US Dollars in 2022. Pertinent exchange rates relating to the transaction are as follows:
| Buying Rate | Selling Rate |
Receipt of order | P47.10 | P47.20 |
Date of shipment | 47.25 | 47.45 |
Balance sheet date | 49.50 | 49.60 |
Settlement date | 49.45 | 49.50 |
How much is the inventory to be reported by ABC in its books assuming the inventory is not yet sold as of year-end?
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