Question: b. Assume that the U.S. dollar is the subsidiary functional cur- rency. Calculate the cost of goods sold and closing inventory in U.S. dollars using

b. Assume that the U.S. dollar is the subsidiary functional cur- rency. Calculate the cost of goods sold and closing inventory in U.S. dollars using both the FIFO and LIFO methods.

c. Briefly discuss how both the choice of inventory method and the choice of functional currency impact reported income and inventory valuation during periods of rising prices.

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