Required information Use the following information for Problems 8 and 9 Newberry, Inc., whose reporting currency is the US dollar ($), has a subsidiary in Argentina, whose functional currency also is the $. The subsidiary acquires inventory on credit on November 1, 2017, for 220,000 pesos that is sold on January 17, 2018, for 256,000 pesos. The subsidiary pays for the inventory on January 31, 2018. Currency exchange rates are as follows: $ 0.60 -1 peso 0.61 - 1 November 1, 2017 December 31, 2017 January 17, 2018 January 31, 2018 0.63 - 1 Problem 10-8 (LO 10-2, 10-3) What amount does Newberry's consolidated balance sheet report for this inventory at December 31, 2017