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Compute the cost of goods sold

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Problem - Esposito is an Italian subsidiary of a U.S. company. Esposito's ending inventory is valued at the average cost for the last quarter of the year. The following account balances are available for Esposito for 2021:

Beginning inventory €20,000

Purchases €400,000

Ending inventory €15,000

Relevant exchange rates follow:

4th quarter average, 2020 $0.93 - €1

December 31, 2020 0.94 - €1

Average for 2021 0.96 - €1

4th quarter average, 2021 0.99 - €1

December 31, 2021 1.01 - €1

Required - Compute the cost of goods sold for 2021 in U.S. dollars using the current rate method.

Reference no: EM132805912

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