What amount does Salisburys consolidated income statement report for cost of goods sold for the year ending
Question:
What amount does Salisbury’s consolidated income statement report for cost of goods sold for the year ending December 31, 2011?
a. $16,000.
b. $17,000.
c. $18,000.
d. $19,000.
A subsidiary of Salisbury, Inc., is located in a foreign country whose functional currency is the schweikart (SWK). The subsidiary acquires inventory on credit on November 1, 2010, for SWK 100,000 that is sold on January 17, 2011, for SWK 130,000. The subsidiary pays for the inventory on January 31, 2011. Currency exchange rates for 1 SWK are as follows:
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