Question: Question 32 (3 points) Austin Powers pic, the British subsidiary of a U.S. company reported cost of goods sold in Great Britain Pounds for the

Question 32 (3 points) Austin Powers pic, the British subsidiary of a U.S. company reported cost of goods sold in Great Britain Pounds for the current year ended December 31. The beginning inventory was f18800, and the ending inventory was f12100. Purchases of E21100 were made evenly throughout the year. Spot rates for various dates are as follows: Date the beginning inventory was acquired f1 = $1.11 Rate at the start of the year f1 = $1.10 Average rate for the year f1 = $1.15 Date the ending inventory was acquired E1 = $1.17 Assume that the U.S. dollar is the functional currency of the British subsidiary. Given the facts above, the amount of cost of goods sold, restated in US $, that should appear in the consolidated income statement is: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Your

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