Assume (1) the parent currency is functional, (2) the historical rate is EUR1 = $1.24, (3) the current rate is EUR1 = $1.12, (4) the average rate is EUR1 = $1.20, and (5) inventories are carried at market values.

Compute translated value for each account under the FASB 52 and IAS 21.

	Euro	Formula for translation	USD
Cash	2,500
Accounts receivable	500
Inventories	8,400
Fixed assets	25,000
Short-term payables	9,500
Long-term debt	12,000
Sales	54,000
Cost of sales	32,000
Depreciation	2,500
Other expenses	9,300