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Fermoile Corporation operates stores throughout the northeastern United States The stores have traditionally stocked and sold ornaments manufactured in the United States This year, Fermoile has established a business relationship with a manufacturing company in Lucerne, Switzerland, to purchase a line of ornaments to sell in its shops. Payments by Fermoile are due 25 days after receipt of the merchandise; the cost is quoted and payable in Swiss francs Fermoile records the purchase in inventory when it receives the merchandise and records a liability to the Swiss company, using the exchange rate for Swiss francs on the date the inventory purchase is recorded. When payment is made, Fermoile debits or credits to inventory any difference between the liability previously recorded and the dollar amount required settling the lablity in Swiss francs Fermoile uses a perpetual inventory system, the FIFO method of inventory costing and is able to trace these adjustments to the specific inventory purchased Assignment Research the most current accounting standards on accounting for foreign currency transactions by accessing the accounting standards through the Financial Accounting Research System (FARS) online and Ch. 1 of your text As an auditor with the auditing firm, Dopkins&Co., write a memo to Wendie Malick, the manager in charge of the audit at Dopkins, discussing the client's accounting for its transactions with the Swiss company. Support any recommendations with citations and quotations from the authoritative financial reporting standards. The memo must be formally prepared in Word (showing from, to, subject and date) on one page. Content, spelling and grammar count. The first paragraph must describe the issue/problem, and the memo written in your own words