Direction. Read the case and solve using the relevant concepts of accounting. Show your solution(s). Sconish Ltd., a U.S. company, is a subsidiary of Scothbrite, Inc. Scothbrite, Inc. is a Scottish company. It presented data related to the cost of goods sold for the year ended December 31, 2019 Inventory, 1/1/19 Purchases 100,000 900,000 1,000,000 200,000 Cost of Goods Available for sale Inventory, 12/31/19 Exchange rates/ December 31, 2018 December 31, 2019 $0.56 $0.52 2019 average $0.55 Using temporal method, determine what appropriate exchange rates to calculate the cost of goods sold amount that should be used in the preparation of the Consolidated Income Statement of Sconish Ltd, Marking Scheme: Correct Cost of Goods computation = 5 marks = 5 Correct exchange rate used marks Total Marks = 10 marks $ Use this format in answering this problem Exchange rates/ Inventory, 1/1/19 100,000 Purchases 900,000 Cost of Goods Available for sale 1,000,000 Inventory, 12/31/19 200,000 Cost of Goods Sold 800,000