Hi dear helper,

Please letting me know how to calculate it(step by step) and give me an explanation about the steps, thanks, I'll give you the thumb!

(If you can't or do not want to, please let someone else do, thanks)

S Inc. is wholly owned subsidiary of T Ltd. whose functional currency is the Australian dollar (AUD). The functional and presentation currency of S Inc. is the US dollar (USD) The functional and presentation currency of the T Ltd Group is the Australian Dollar (AUD) Below is an extract from the S Inc. single entity financial statements for the year ended 30 June 2021. USD Year ended 30 June 2021 Cash and cash equivalent 76,000 Trade Receivables (net) 119,000 Inventory 140,000 Non-current assets Equipment 608,000 less: Accumulated depreciation (144,000) Additional information: Items of income and expense were incurred evenly throughout the year. Inventory was purchased evenly throughout the year. Equipment was purchased on 11 August 2020. The following exchange rates apply throughout the year. FX rate AUD USD 01/07/2020 1.00 0.88 11/08/2020 1.00 0.84 30/06/2021 1.00 0.83 Average rate for year 1.00 0.85 Required: 1. Calculate the amount S Inc. reports for Inventory in Its translated statement of financial position on 30 June 2021. 2. Calculate the amount S Inc. reports for trade receivable in Its translated statement of financial position on 30 June 2021