Quiriguá Company, a firm that normally conducts business in U.S. dollars, purchases inventory from a foreign vendor. Quiriguá agrees to pay 30,000 Euros, €30,000, for the merchandise. The company receives the goods on October 2, 2021 and pays the seller on December 1, 2021.
Quiriguá’s fiscal year ends on December 31.
The spot rates are as follows:
| Oct. 2, 2021 | €1 | = | $1.30 | | Dec. 1, 2021 | €1 | = | $1.23 |
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| At what value should Quiriguá Company record the merchandise purchased on October 2, 2021? |
