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Bentley Biscuits

Question # 00002414
Subject: Literary Studies
Due on: 10/19/2013
Posted On: 10/17/2013 04:05 PM

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Bentley Biscuits, a wholly-owned English subsidiary of U.S. Bakery (a U.S. firm) maintains its inventory at cost, and Bentley Biscuits’ books are reflected in British pound sterling. U.S. Bakery's functional currency is U.S. dollars. Determine the inventory value using both the temporal and current methods. Show how this will be reflected on Bentley Biscuits' statements and the consolidated statement of U.S. Bakery. Use the following information for this calculation: The historical cost of inventory is £500,000. The historical exchange rate is $0.550. The current exchange rate is $0.579.

Tags biscuits bentley bentley inventory biscuits cost current reflected historical rate bakery exchange statements 0550 0579 consolidated methods information temporal calculation 0 following statement dollars maintains books firm subsidiary whollyowned english british pound

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Bentley Biscuits

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Posted On: 10/17/2013 04:10 PM
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Preview: 289,500 xx the xxxxxxxxxxxx statements of x S Bakery xxx exchange xxxx xxxx in xxx current method xx the ending xx current xxxxxxxx xxxx When xxx temporal method xx used, the xxxxxxxxx is xxxxxxxx xx 275,000.....
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