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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 5,970,000 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.
Calculate what cost of sales would have been for the year if the company had used FIFO to value its inventory. Calculate inventory turnover for the year using the reported numbers.
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