Question: Problems 8 and 9 are based on the following information. Newberry, Ine., whose reporting currency is the U.S. dollar, has a subsidiary in Argentina, whose

Problems 8 and 9 are based on the following information. Newberry, Ine., 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 I, 2020 , for 100,000 pesos that is sold on January 17, 2021, for 130,000 pesos. The subsidiary pays for the inventory on January 31, 2021. Currency exchange rates are as follows: 8. What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2020 ? a. $16,000 b. $17,000 c. $18,000 d. $19,000 9. What amouint does Newberry's consolidated income statement report for cost of goods sold for the year endin 2 December 31,2021 ? a. $16,000 b. $17,000 c. $18,000 d. $19,000

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