A U.S. firm has purchased inventory for 50,000 FCs (FC = foreign currency units) from a non-U.S.

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Question:

A U.S. firm has purchased inventory for 50,000 FCs ("FC" = foreign currency units) from a non-U.S. firm. The spot rates were 1 FC = $0.80 on the transaction/delivery date and 1 FC = $0.76 when the payable was paid. At what amount is the cost of the inventory recorded?