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Shouldn't the translation cause the payable to increase in value as well as the inventory? So the gain in inventory would be offset by a loss from the payable? Also, in the remeasurement, wouldn't there be just a loss from the payable, and no change in the recorded value of inventory?
Is this a cash flow hedge or a fair value hedge? It seems to fit the definition of a cash flow hedge, thus gain or losses would be recognized in oci, not net income. The commitment to buy would not be recognized because no sale has taken place yet. The net result on net income would be zero.