Reference no: EM132824186
At the end of 2019, Little Co has the following partial trial balance
Account Euros
Cash 10,000
Inventory 20,000
PPE 400,000
Accum. Dep 100,000
Accounts payable 5,000
Common Stock 100,000
Retained Earnings 200,000
Sales 300,000
Cost of goods sold 80,000
Depreciation expense 30,000
Other expenses 160,000
Exchange rates:
1/1/19: $1.10 per Euro
12/31/19: $1.30 per Euro
2019 average: $1.20 per Euro
All of Little's PPE was owned by them on 1/1/19
Beginning inventory was 10,000 Euros
Ending inventory was acquired when the exchange rate was $1.25 per Euro.
Purchases of 90,000 Euros were made evenly throughout the year.
Problem 1: What would be the dollar value for cost of goods sold? (xx,xxx, use comma but no dollar sign)