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On January 1, the wholly-owned Mexican affiliate of a Canadian percent company acquired an inventory...

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Accounting

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On January 1, the wholly-owned Mexican affiliate of a Canadian percent company acquired an inventory of computer hard drives for its assembly operation. The cost incurred was 468000 pesos when the exchange rate was MXN 10.5=C$1. By year-end, the Mexican affiliate had used three-fourths of the acquired hard drives. Due to advance in hardware technology, the remaining inventory was marked down to its net realizable value of MXN 29000. The year-end exchange rate was MXN 10.6 = C$1. The average rate during the year was MXN 11.6 = C$1. Translate the ending inventory to Canadian dollars assuming the Mexican affiliate's functional currency is the Mexican peso

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