Question: Question 8 6 points Saved Santanigo operates in Spain and is a subsidiary of a US based company. Santanigo's functional currency is the United States

 Question 8 6 points Saved Santanigo operates in Spain and is

Question 8 6 points Saved Santanigo operates in Spain and is a subsidiary of a US based company. Santanigo's functional currency is the United States Dollar. Santanigo values inventory at the average cost of the last quarter of the year. For the current year, Santanigo had beginning inventory of 20,000 foreign currency units (FCU), purchases of 400,000 FCU, and ending inventory of 15,000 FCU. Exchange rates are as follows: 4th quartet average prior year $.93 1 December 31, prior you 9461 Average for current year 9661 4th quanto average, current you 9961 December 31.current year 1.011 What would cost of good sold be reported at for the current year? a 5387,750 b. 5388.000 0.5376,650 5400,950 Moving to the next question prevents changes to this answer Question of 12

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!