Solution-At what amount foreign subsidiary cost of goods

At what amount foreign subsidiary cost of goods sold reflect

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Reference no: EM132876857

Problem - A U.S. company's foreign subsidiary had these amounts in local currency units {Yuan} in 20311:

Beginning inventory 400,000

Cost of goods sold 2,000,000

Purchases 3,300,000

The related exchange rate information:

Rate when beginning inventory was acquired $0.46

Rate when ending inventory was acquired 0.42

The average exchange rate during 20X1 0.48

Exchange rate at December 31, 20X1 0.5

Assuming that 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: EM132876857

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At what amount foreign subsidiary cost of goods sold reflect

Reference no: EM132876857

Reference no: EM132876857

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