Balaji Corporation of India is an 80 percent-owned subsidiary of Porter Corporation, a U.S. firm, and its functional currency is the local currency (Rupee). Balajis books of record are maintained in Rupee and its inventory is carried at the lower of cost or market. The current exchange rate rupees at Dec. 31, 19X8 is $.48 The historical cost of the inventory is 12,000 Rupees. The market value of the inventory is 11,000 Rupees. The historical exchange rate is $.43. The $ amount of inventory that will be reported in the translated statement, using current rate method, is: a. 11,000 * $.43 = $ 4,730 b. 12,000 * $.43 = $ 5,160 c. 12,000 * $.48 = $ 5,760 d. None of the answer is correct. e. 11,000 * $.48 = $ 5,280 i believe the answer is E