A US. company's foreign subsidiary had these amounts in local currency units (LCU) in 2021: Cost of Goods Sold LCU 5,800,000 Beginning Inventory LCU 505,000 Ending Inventiry LCU 613,000 The average exchange rate during 2021 was $1.20 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.00 LCU 1. Ending inventory was acquired when the exchange rate was $1.30=LCU 1. The exchange rate at December 31, 2021, was $1.35 LCU 1. Assuming that the foreign country is highly inflationary, at what amount should the foreign subsidiary's cost of goods sold be reflected in the U.S. dollar income statement? Choices: $7,830,000 $5,800,000 $6,292,700 $6,797,700

A U.S. company's foreign subsidiary had the following amounts in stickles (5), the functional currency, in 2018: Cost of goods sold $12,000, e00 Ending inventory Beginning inventory 600,000 240,000 The average exchange rate during 2018 was 81 = $.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, 2018 was §1= $.84. Assuming that the foreign nation for the subsidiary had a highly inflationary economy, at what amount should that foreign subsidiary's purchases have been reflected in the 2018 U.S. dollar income statement? Multiple Cholce $11,865,600. $11.577,600. $11.520.000. $11,613,600. $11,523,600.

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AU.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 20X2: Cost of goods sold Beginning inventory Ending inventory O $1,237,700 O $1,100,000 LCU 1,000,000 O $1,250,000 O $1,083,200 LCU 80,000 The average exchange rate during 20X2 was $1.10=LCU 1. The beginning inventory was acquired when the exchange rate was $1.00=LCU 1. Ending inventory was acquired when the exchange rate was $1.18=LCU 1. The exchange rate at December 31, 20X2, was $1.25 = LCU 1. Assuming that the foreign country is highly inflationary, at what amount should the foreign subsidiary's cost of goods sold be reflected in the U.S. dollar income statement? LCU 110,000 IC

1 . PL Co purchased goods on credit from a US supplier costing $US 225,000 on 5th June 2020 when the exchange rate was A$1 = US0.69 . On 30 June 2020, balance date , the exchange rate was A$1 = US0.72 . PL Co paid the US supplier on 7th July 2020 when the exchange rate was A$1 = 0.74. Required : Prepare the journal entries for the above

A U.S. company’s foreign subsidiary had these amounts in local currency units (LCU) in 2017: Cost of goods sold . .  . . LCU 5,000,000Beginning inventory . . . . . 500,000Ending inventory . . . . . . . . 600,000 The average exchange rate during 2017 was $1.00 = LCU 1. The beginning inventory was acquired when the exchange rate was $0.80 = LCU 1. Ending inventory was acquired when the exchange rate was $1.10 = LCU 1. The exchange rate at December 31, 2017, was $1.15 = LCU 1. Assuming that the foreign country is highly inflationary, at what amount should the foreign subsidiary’s cost of goods sold be reflected in the U.S. dollar income statement? Choose the correct.a. $4,440,000.b. $4,840,000.c. $5,000,000.d. $5,750,000.

6. A U.S. company executed a series of transactions in a foreign country during 2021. The appropriate exchange rates during 2021 were as follows: Date June 1, 2021 August 1, 2021 December 31, 2021 Exchange Rate $.77 = §1 $.80 = §1 $.83 = §1 The following transactions occurred during 2021: June 1 Bought inventory of $50,000 on credit. Sold all inventory for $65,000 on credit. Aug. 1 Required: Prepare all journal entries in U.S. dollars along with any December 31, 2021 adjusting entries. Show your work

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Clark Company, a U.S. corporation, sold inventory on December 1, 2022, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1 December 31 January 30 Spot Rate $ 1.831 $1.976 $1.768 What amount of foreign exchange gain or loss should be recorded on January 30? $2,496 loss $2,496 gain $1,740 loss $1,740 gain 7:11 PM