[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 180,000 pesos that is sold on January
17, 2021, for 204,000 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
$\text{0.36}$ 1 peso
$\text{0.37}$ -1
$\text{0.38}$ -1
$\text{0.39}$ -1
What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2020?
Multiple Choice
$\text{68,400}$
$\text{70,200}$
$\text{64,800}$
$\text{66,600}$
