On July 1, 2020, CANCO purchased inventory from its main U.S. supplier, RNB Enterprises, at a cost of US$12,000. CANCO's year end is on July 31. Payment of US$12,000 for the inventory is due on August 31, 2020.

Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below:

Transaction date: July 1, 2020:1 U.S. Dollar = CDN$1.370Year end: July 31, 2020:1 U.S. Dollar = CDN$1.345Settlement date: August 31, 2020:1 U.S. Dollar = CDN$1.325

At what amount would CANCO record its inventory purchase from RNB on July 1, 2020?

On July 1, 2020, CANCO purchased inventory from its main U.S. supplier, RNB Enterprises, at a cost of US$12,000. CANCO's year end is on July 31. Payment of US$12,000 for the inventory is due on August 31, 2020. Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below: Transaction date: July 1, 2020: 1 U.S. Dollar = CDN$1.370 Year end: July 31, 2020: 1 U.S. Dollar = CDN$1.345 Settlement date: August 31, 2020: 1 U.S. Dollar = CDN$1.325 At what amount would CANCO record its inventory purchase from RNB on July 1, 2020