Question
Idaho Limited reports the following items in US$: Opening stock 49,500 Closing stock 39,600 Purchases 462,000 Purchases were acquired evenly across the year. Closing stock
Idaho Limited reports the following items in US$:
- Opening stock 49,500
- Closing stock 39,600
- Purchases 462,000
Purchases were acquired evenly across the year. Closing stock was acquired evenly over the month of June. The following exchange rates applied:
Start of the reporting period US$ 1.00 = AUD $1.78
End of reporting period US$ 1.00 = AUD $1.63
Average rate for year US$ 1.00 = AUD $1.73
Average rate for the month of June US$ 1.00 = AUD $1.66
Calculate the Inventory value for the balance sheet translated into the presentation currency of AUD:
Note: Do not enter $ symbols or commas in your answer; calculate to the nearest whole dollar
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