The Indian subsidiary of a Philippine Company reported cost of good sold of 70,000 rupee on December 31, 20x7. The January 1, 20x7 inventory was 10,000 rupee, and the December 31, 20x7 was 20,000 rupee. Spot rate for various dates are as follows: Date beginning inventory was acquired P1.60 = 1 rupee Rates at January 1, 20x7 P1.58 = 1 rupee Weighted average rate for 20x7 P1.50 = 1 rupee Rate at ending inventory was acquired P1.45 = 1 rupee What is the translated amount of cost of goods sold that should appear in the consolidated statement of comprehensive income on December 31, 201x7? 

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Answer To determine the translated amount of cost of goods sold COGS for the ... View the full answer