The Canadian Subsidiary of a U

question 14

Multiple Choice

The Canadian subsidiary of a U.S.company reported cost of goods sold of 50,000 C$,for the current year ended December 31.The beginning inventory was 15,000 C$,and the ending inventory was 10,000 C$.Spot rates for various dates are as follows:

Assuming the U.S.dollar is the functional currency of the Canadian subsidiary,the remeasured amount of cost of goods sold that should appear in the consolidated income statement is

• A)$50,000.
• B)$55,300.
• C)$56,000.
• D)$56,500.

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Definitions:

Double Layer

A double layer often refers to structures composed of two levels of material, which in biological contexts, could imply the phospholipid bilayer of cell membranes or protective coatings.

Joint Surface

The part of a bone that articulates with another bone, usually covered with cartilage to enable smooth movements.

Synovial Joint

A type of joint that is surrounded by a fluid-filled capsule, allowing for smooth movement between bones.

Most Movable

Refers to joints with the greatest range of motion, such as the ball-and-socket joints of the shoulder and hip.