Subject - account Please help me. Thankyou. Required informationA subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary wasthe Stickle (§) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit onNovember 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory onJanuary 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows:November 1, 2017December 31, 2017January 1, 2018January 31, 2018Average for 2018.Multiple ChoiceWhat amount would have been reported for cost of goods sold on Porter's consolidated income statement at December 31, 2018?OOOO$22,800.$27,600.$28,800$24,000.$ 0.19 = $1$ 0.20$1$ 0.22$26,400.$1$ 0.23 = $1$ 0.24 $1

Name: Subject - account Please help me. Thankyou. Required informationA subs
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Subject - account Please help me. Thankyou. Required informationA subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary wasthe Stickle (§) which is the local currency where the subsidi