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At what amount should the foreign subsidiary cost reflected

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Reference no: EM132350023

Question - The average exchange rate during 2017 was $1.50 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.30 = LCU 1. Ending inventory was acquired when the exchange rate was $1.60 = LCU 1. The exchange rate at December 31, 2017, was $1.65 = 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?

$9,619,500.

$8,579,400.

$5,830,000.

$7,906,000.

Reference no: EM132350023

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