Solution-At what amount the foreign subsidiary cost of

At what amount the foreign subsidiary cost of goods sold

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Question - A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2017: Cost of goods sold LCU 5,590,000 Beginning inventory 548,000 Ending inventory 609,000 The average exchange rate during 2017 was $1.30 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.10 = LCU 1. Ending inventory was acquired when the exchange rate was $1.40 = LCU 1. The exchange rate on December 31, 2017, was $1.45 = 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?

Reference no: EM132886252

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At what amount the foreign subsidiary cost of goods sold

Reference no: EM132886252

Reference no: EM132886252

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