Placo Ltd, a Scottish Subsidiary of Limko, Inc

question 45

Multiple Choice

Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S. company, showed cost of goods sold on its income statement for the year ended December 31, 2010. What amount should be used to consolidate Placo's cost of goods sold into Limko's income statement under the current rate method?

• A) $417,600
• B) $437,600
• C) $448,000
• D) $443,900

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Definitions:

Bipedal

The ability to walk on two legs, a key characteristic that differentiates humans and some other species from most animals.

Homo Erectus

An extinct species of early human that lived throughout much of the Pleistocene geological epoch, known for its upright walking ability.

Fossil Record

The collection of all known fossils and their placement in order, which provides evidence about the history of life on Earth.

Bipedal

Bipedalism refers to the ability of an organism to walk on two legs, a key feature that distinguishes humans and their ancestors from most other primates.