Stack Company is a subsidiary of Pile Company and is located in Valparaso,Chile,where the currency is...

 

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Stack Company is a subsidiary of Pile Company and is located in Valparaíso,Chile,where the currency is the Chilean Peso.Data on Stack's inventory and purchases are as follows: Inventory, January 1, 20X8 Purchases during 20X8 Inventory, December 31, 20X8 500,000 Pesos 1,000,000 Pesos 400,000 Pesos The beginning inventory was acquired during the fourth quarter of 20X7,and the ending inventory was acquired during the fourth quarter of 20X8.Purchases were made evenly over the year.Exchange rates were as follows: Fourth quarter of 20X7 January 1, 20X8 Average during 20X8 Fourth quarter of 20X8 December 31, 20x8 1 Peso 1 Peso 1 Peso 1 Peso 1 Peso $ 0.00148 $ 0.00152 $ 0.00160 $ 0.00162 = $ 0.00165 -Refer the information provided above.Assuming the U.S.dollar is the functional currency.what is the amount of Stack's cost of goods sold remeasured in U.S.dollars? A)$1,680 B)$1,712 C)$1,700 D)$1,692 Stack Company is a subsidiary of Pile Company and is located in Valparaíso,Chile,where the currency is the Chilean Peso.Data on Stack's inventory and purchases are as follows: Inventory, January 1, 20X8 Purchases during 20X8 Inventory, December 31, 20X8 500,000 Pesos 1,000,000 Pesos 400,000 Pesos The beginning inventory was acquired during the fourth quarter of 20X7,and the ending inventory was acquired during the fourth quarter of 20X8.Purchases were made evenly over the year.Exchange rates were as follows: Fourth quarter of 20X7 January 1, 20X8 Average during 20X8 Fourth quarter of 20X8 December 31, 20x8 1 Peso 1 Peso 1 Peso 1 Peso 1 Peso $ 0.00148 $ 0.00152 $ 0.00160 $ 0.00162 = $ 0.00165 -Refer the information provided above.Assuming the U.S.dollar is the functional currency.what is the amount of Stack's cost of goods sold remeasured in U.S.dollars? A)$1,680 B)$1,712 C)$1,700 D)$1,692