Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S. company, showed cost of goods...
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Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S. company, showed cost of goods sold on its income statement for the year ended December 31, 2010. Inventory, 1/1/10 100,000 Purchases 900,000 Cost of Goods Available for sale 1,000,000 Inventory, 12/31/10 200.000 Cost of Goods Sold 800.000 Exchange rates/ December 31, 2010 $0.582 December 31, 2009 $0.620 2010 average $0.592 What amount should be used to consolidate Placo's cost of goods sold into Limko's income statement under the current rate method? $473.500 O $437.600 O $437.500 O $473.600
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