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Question - Big Ben, Ltd. is a British subsidiary of a U.S. company and prepares their annual financial statements on a calendar year basis. During the current year, Big Ben had purchases of £150,000, cost of goods sold of £165,000, beginning inventory of £90,000, and ending inventory of £75,000. Various spot rates for the current year are as follows:
January 1 $1.55 = £1.00
Date that the beginning inventory was acquired $1.58 = £1.00
Weighted average rate for the current year $1.60 = £1.00
December 31 $1.65 = £1.00
Date that the ending inventory was acquired $1.62 = £1.00
Big Ben's functional currency is the U.S. dollar. What is the amount of Big Ben's cost of goods sold that will be included in the current year's consolidated income statement?
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