Accounting Accruals on Goods reception?

I have my doubt on this issue & is away from my accounting theory books. Here's the thing, Supposed that you have raised a purchase order for an item that is your merchandise inventory to your supplier. At month end, the situation is such that you have actually received the goods BUT the invoice hasn't been received. Because of that reasons, you then accrue the fact that you have increased your inventory & at the same time incurred a commitment to pay. YET, your books is actually in USD and your purchase order is in EUR and the exchange rate is very volatile. Let says that when you accrue for the inventory & the commitment the rate was $1 = 0.8EUR and at month end the rate was $1=0.7EUR (substantial). Since the inventory & payable have been capitalized at a different rate but the payable hasn't been paid, both a/cs should be revalued.... am I Correct and exchange gain/loss for the payable is finalized when the invoice is received & paid and for the inventory when it's sold.