the translated amount of cost of goods sold that should appear in the consolidated income statement is: =$112,500
Weighted avg. rate $1.50=1lb
reported cost of goods sold of =75,000 pounds
the translated amount of cost of goods sold that should appear in the consolidated income statement is:
=75000 pounds x $1.50
=$112,500
<h3>
What currency does a US company use in the UK?</h3>
A U.S. subsidiary in Britain keeps its accounting records in pounds sterling and conducts the majority of its business using that currency. II. A U.S. subsidiary in Peru carries out almost all of its operations in Latin America and primarily deals in dollars.
<h3>
What should the cost of goods sold for the second quarter include?</h3>
The acquisition cost of the items temporarily liquidated should be included in the cost of goods sold for the second quarter. B. The projected replacement cost of the items temporarily liquidated should be included in the cost of goods sold for the second quarter.
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