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At what amount philip company carry the parts inventory

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Question - St. Philip Company ordered parts costing €200,000 from a foreign supplier on January 15 when the spot rate was $0.27 per €. A one-month forward contract was signed on that date to purchase €200,000 at a forward rate of $0.29. The forward contract is properly designated as a fair value hedge of the €200,000 firm commitment. On February 15, when the company receives the parts, the spot rate is $0.28. At what amount should St. Philip Company carry the parts inventory on its books?

$58,000

$54,000

$56,000

$55,000

Reference no: EM132350017

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