The British Subsidiary of a U

question 44

Multiple Choice

The British subsidiary of a U.S.company reported cost of goods sold of 75,000 pounds (sterling) for the current year ended December 31.The beginning inventory was 10,000 pounds,and the ending inventory was 15,000 pounds.Spot rates for various dates are as follows:
Assuming the pound is the functional currency of the British subsidiary,the translated amount of cost of goods sold that should appear in the consolidated income statement is:

• A)$108,750.
• B)$112,500.
• C)$114,300.
• D)$125,700.

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Definitions:

Dreaming

A series of thoughts, images, and sensations occurring in a person's mind during sleep.

REM Sleep

A phase of sleep characterized by rapid eye movement, increased brain activity, vivid dreams, and temporary muscle paralysis.

Non-REM Sleep

A period of sleep that includes stages 1 through 3, characterized by gradual decreases in brain activity and physiological arousal.

Minutes

The written record of what was discussed and decided in a meeting, capturing the key points, decisions, and actions to be taken.