Shopwell is a UK grocery chain that is a subsidiary of Premium Products, a US company. Premiums fiscal year ends January On February Shopwells inventory balance consisted of purchased when the exchange rate was $ and purchased when the exchange rate was $ Shopwell made purchases of evenly throughout fiscal and its inventory on January consisted of purchased when the exchange rate was $ Shopwells sales of inventory occurred relatively evenly throughout fiscal The average exchange rate for fiscal was $ and the January exchange rate was $

Required

a Assume that Shopwells functional currency is the pound. Calculate Shopwells translated ending inventory at January and its translated cost of sales for fiscal

b Now assume that Shopwells functional currency is the US dollar. Calculate Shopwells remeasured ending inventory at January and its remeasured cost of sales for fiscal