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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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