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Cebu Company sold inventory to Tan Company, a subsidiary in Thailand. The goods cost Cebu P162,000 and were sold for P270,000 on November 25, 20x7,
Cebu Company sold inventory to Tan Company, a subsidiary in Thailand. The goods cost Cebu P162,000 and were sold for P270,000 on November 25, 20x7, payable in Thailand Baht. The goods are still on hand at December 31, 20x7. Baht is the functional currency of the Thailand subsidiary. The exchange rates follow: November 25, 20x7 1 Baht = P1.80 December 31, 20x7 1 Baht = P1.90 At what amount is the inventory shown on the consolidated statement of financial position on December 31, 20x7
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