CH 10 3 Problem 10-18 (Algo) (LO 10-2, 10-4) A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2024: Saved 20 points Cost of goods sold Skipped eBook Print Beginning inventory Ending inventory LCU 5,830,000 518,000 620,000 The average exchange rate during 2024 was $1.50 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.30 =LCU 1. Ending inventory was acquired when the exchange rate was $1.60 = LCU 1. The exchange rate on December 31, 2024, was $1.65 =LCU 1. Required: Assuming that the foreign country is highly inflationary, determine the amount at which the foreign subsidiary's cost of goods sold should be reflected in the U.S. dollar income statement. References Cost of goods sold