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What is the cost of goods sold

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Question - Create, Inc. is a French subsidiary of a U.S company. Create, Inc.'s ending inventory is valued at the average cost of the last quarter of the year. The following account balances are available for Create, Inc. for 2018:

Inventory levels:

Beginning inventory = EUR 25,000

Purchases = EUR 80,000

Ending inventory = EUR 15,000

Relevant exchange rates follow:

4th quarter average, 2017: $0.92 = EUR 1

December 31, 2017: $0.95 = EUR 1

Average for 2018: $0.96 = EUR 1

4th quarter average, 2018: $0.98 = EUR 1

December 31, 2018: $1.01 = EUR 1

What is the cost of goods sold for 2018 in U.S dollars if Create's functional currency is the Euro and if Create's functional currency is the US dollar?

Reference no: EM132429317

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