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A U.S. company's foreign subsidiary had the following amounts in stickles () in 2011: TEMPORAL METHOD Cost of goods sold 12.000,000 Ending inventory 600,000 Beginning inventory 240,000 The average exchange rate during 2011 was 1 = $.96. The beginning inventory was acquired when the exchange rate was 1 = $1.20. The ending inventory was acquired when the exchange rate was 1 = $.90. The exchange rate at December 31, 2011 was 1 = $.84. Assuming that the foreign country had a highly inflationary economy, at what amount should the foreign subsidiary's cost of goods sold have been reflected in the 2011 U.S. dollar income statement? $11, 253, 600. $11, 577, 600. $11, 649, 600. $11, 613, 600. $11, 523, 600