Solution-At what amount cost of goods sold be reflected

At what amount cost of goods sold be reflected

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Reference no: EM132346503

Question - A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2017: Cost of goods sold LCU 5,970,000 Beginning inventory 522,000 Ending inventory 648,000.

The average exchange rate during 2017 was $1.90 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.70 = LCU 1. Ending inventory was acquired when the exchange rate was $2.00 = LCU 1. The exchange rate at December 31, 2017, was $2.05 = LCU 1. Assuming that the foreign country is highly inflationary, at what amount should the foreign subsidiary's cost of goods sold be reflected in the U.S. dollar income statement?

$5,970,000.

$12,238,500.

$11,173,800.

$10,286,400.

Reference no: EM132346503

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At what amount cost of goods sold be reflected

Reference no: EM132346503

Reference no: EM132346503

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