Under the functional currency translation method, how should the cost of goods sold be translated?

O a. Opening and closing inventory should be translated at the rate in effect when the goods were purchased, of

purchases should be translated at the average rate.

• b. Opening inventory and purchases should be translated at the rate in effect when the goods were purchased and ending inventory should be translated at the closing rate.
• c. All components of the cost of goods sold should be translated at the rate in effect when the goods were purchased

d. All components of the cost of goods sold should be translated at the average exchange rate.

Under the presentation currency translation method, which of the following items is NOT translated at the dosing rate?

O

a. monetary assets

b. deferred revenue

O c. common shares

O d. non-monetary assets