Q1 Beginning inventory 28000 Purchase 300000 Ending inventory 32000 The subsidiary uses FIFO and its beginning inventory consists of 24000 purchased when the exchange rate was 1.31 and 4000 purchased when the exchange rate was 1.32. purchases and sales of inventory occurred evenly throughout the year the subsidiary's ending inventory consist of 32000 purchased when the exchange rate was 1.27. the average exchange rate for the year was 1.29 and the rate at the end of the year was 1.26 a) assume the subsidiary's functional currency is the pound, calculate the subsidiary's translated ending inventory and its translated cost of goods sold for the year b) assume the subsidiary's functional currency is the U.S dollar. Calculate the subsidiary's remeasured ending inventory and its remeasured cost of goods sold for the year Q2. For fiscal 2018, west orange town levied a property tax of $750000. The town estimated that 4% of the tax will not be collected. By fiscal year end, cash collection was $860000 and the town declares the uncollected amount as delinquent. Of the delinquent taxes, 62000 is estimated to be collected within 60 day of year end and the rest is uncollectible. In fiscal 2019, west orange collects $60000 of the delinquent taxes and writes off the remaining delinquent taxes prepare the journal a. b. how much are the tax revenue? C. prepare the journal entries