I use Schweser to study and on page 132 of book 2 it says,
"Nonmonetary assets include inventory ... are remeasured at the historical rate"
but then for the example on page 140 it used 0.4762 for the rate to remeasure inventory, and 0.4762 is the "average rate" in that example.
Did they make a mistake or is there a reason for this? Which is correct??
Thanks all!作者: busterbluth 时间: 2011-7-11 19:22
oh! problem solved!
It was my mistake they did have a line saying use average rate to value inventory.
Thanks作者: economicz 时间: 2011-7-11 19:22
Make sure you are careful on the exam. I've been tripped up before on a question just like that. If they specifically tell you what rate to use just ignore the normal rules.
