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The Canadian Subsidiary of a U

question 22

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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$.Spot rates for various dates are as follows:
The Canadian subsidiary of a U.S.company reported cost of goods sold of 50,000 C$,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 Canadian dollar is the functional currency of the Canadian subsidiary,the translated 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.
Assuming the Canadian dollar is the functional currency of the Canadian subsidiary,the translated amount of cost of goods sold that should appear in the consolidated income statement is


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