[The following information applies to the questions displayed below.] Newberry, Inc., whose reporting currency is the U.S. dollar, has a subsidiary in Argentina, whose functional currency also is the U.S. dollar. The subsidiary acquires inventory on credit on November 1, 2020, for 250,000 pesos that is sold on January 17, 2021, for 288,000 pesos. The subsidiary pays for the inventory on January 31, 2021. Currency exchange rates are as follows: November 1, 2020 December 31, 2020 January 17, 2021 January 31, 2021 $0.32 =1 peso 0.33 =1 0.34 =1 0.35 1