[The following intormation 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 260,000 pesos that is sold on January 17,2021 , for 298,000 pesos. The subsidiary pays for the inventory on January 31,2021 . Currency exchange rates are as follows: What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2020? Multiple Choice $98,800 $101,400 $106,600 $104,000