the year 1 financial statements of the Chinese subsidiary of singcom limited (a singaore based company) revealed the following beginning inventory $550,000 purchases 1,000,000 ending inventory 250,000 cost of goods sold 1,300,000 Singapore dollar (SGD) exchange rate for 1 CNY are as follows January 1. year 1 SGD 0.209 Average, year 1. 0.207 December 31, year 1. 0.204 the beginning inventory was acquired in the last quarter of the previous year, when the exchange rate was SGD 0.210= cny 1, ending inventory was acquired in the last quarter of the current year when the exchange rate was SGD 0.205=CNY 1<\/p>
a) assuming that the current rate method is the appropriate method of translation, determine the amounts at which the Chinese subsidiary ending inventory and cost of goods sold should be included in Singcom's year 1 consolidated financial statement. b) assuming that the temporal method is the appropriate method of translation determine the amounts at which the Chinese subsidiary ending inventory and cost of goods sold should be included in Singcom's year 1 consolidated financial statements.<\/p>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797", "edition": "4th edition", "authors": "James Jiambalvo", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/259.jpg", "uri": "\/textbooks\/managerial-accounting-4th-edition-259", "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-16 00:04:39", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/essentials-of-business-communication\/4-other-than-those-drivers-already-listed-on-the-policy-2016803", "description": "4. Other than those drivers already listed on the policy, we understand that no one else is using the vehicle on a regular basis.", "stars": 0 }, { "url": "\/a-formulate-an-nlp-model-for-this-problem-b-implement", "description": "a. Formulate an NLP model for this problem. b. Implement your model in a spreadsheet and solve it. c. How much money should Roger spend in each state? d. How many campaign stops should the candidate...", "stars": 3 }, { "url": "\/study-help\/questions\/the-year-1-financial-statements-of-the-chinese-subsidiary-of-11105301", "description": "the year 1 financial statements of the Chinese subsidiary of singcom limited (a singaore based company) revealed the following beginning inventory $550,000 purchases 1,000,000 ending inventory...", "stars": 3 }, { "url": "\/study-help\/questions\/8-replacement-analysis-aa-aa-purple-whale-inc-is-a-6872253", "description": "8. Replacement analysis Aa Aa Purple Whale Inc. is a company that produces iGadgets, among several other products. Suppose that Purple Whale Inc. considers replacing its old machine used to make...", "stars": 3 }, { "url": "\/study-help\/questions\/scenario-current-covid19-situation-analyze-the-business-environment-for-westjet-1003614", "description": "Scenario: Current COVID-19 situation Analyze the business environment for WestJet Airlines in Canada, using Porter's Five Forces model.", "stars": 3 }, { "url": "\/study-help\/questions\/furniture-city-bikes-would-like-a-firm-quote-of-two-1003696", "description": "Furniture City Bikes would like a firm quote of two materials; Deluxe Touring Bike (Black) and Women's Off Road Bike. GBI has determined to use SAP ERP in order to quickly react to the customer...", "stars": 3 }, { "url": "\/study-help\/questions\/it-is-essential-to-understand-what-constitutes-ethical-research-practices-1003759", "description": "It is essential to understand what constitutes ethical research practices in qualitative research. After reviewing the Learn material for this module and conducting your own outside research, please...", "stars": 3 }, { "url": "\/study-help\/questions\/online-clothing-store-step-2-recommend-offensive-dynamic-pricing-strategy-1004150", "description": "ONLINE CLOTHING STORE Step 2: Recommend Offensive Dynamic Pricing Strategy Your Virtual Internship coordinator asked you to develop an offensive dynamic pricing strategy by identifying products to...", "stars": 3 }, { "url": "\/study-help\/questions\/describe-erp-and-how-it-can-create-efficiency-within-a-1004460", "description": "Describe ERP and how it can create efficiency within a business", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/total-factory-overhead-total-manufacturing-costs-incurred-during-january-total-11105300", "next": "\/study-help\/questions\/5-the-firm-had-the-following-ending-inventory-balance-as-11105302" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "the year 1 financial statements of the Chinese subsidiary of singcom limited", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-year-1-financial-statements-of-the-chinese-subsidiary-of-11105301" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }} }