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A subsidiary of Salisbury, Inc., is located in a foreign country whose functional currency is the schweikart (SWK). The subsidiary acquires inventory on credit on November 1, 2010, for SWK 100,000 that is sold on January 17, 2011, for SWK 130,000.The subsidiary pays for the inventory on January 31, 2011. Currency enchange rates for 1 SEK are as follows:

November 1, 2010-$0.16 = 1 SWK
December 31, 2010- 0.17 = 1
January 17, 2011- 0.18 = 1
January 31, 2011 - 0.19 - 1
Average for 2011 - 0.20 = 1

What amount does Salisbury's consolidated balance sheet report for this inventory at December 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M962567

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