Royal Tea a wholly-owned English subsidiary of U.S. Beverages(a U.S. firm) maint

Royal Tea a wholly-owned English subsidiary of U.S. Beverages(a U.S. firm) maintains its inventory at cost and Royal Teasbooks are reflected in British pound sterling. U.S. Beveragesfunctional currency is U.S. dollars.Determine the inventory value using both the temporal and currentmethods. Show how this will be reflected on Royal Teas statementsand the consolidated statements of U.S. Beverages. Use thefollowing information for this calculation:The historical cost of inventory is 750000.The historical exchange rate is $0.650.The current exchange rate is $0.689.Additional RequirementsMin Pages: 1Max Pages: 2Level of Detail: Show all work