11. The Year 1 financial statements of the Chinese subsidiary of Singcom Limited (a Singapore-based company) revealed the following: Beginning inventory Purchases Ending inventory Cost of goods sold Chinese Yuan (CNY) Singapore dollar (SGD) exchange rates for 1 CNY are as follows: 550,000 1,000,000 250,000 1,300,000 January 1, Year 1 Average, Year 1 SGD 0.209 0.207 December 31, Year 1 0.204 The beginning inventory was acquired in the last quarter of the previous year, when the exchange rate was SGD 0.210 = CNY 1: ending inventory was acquired in the last quarter of the current year, when the exchange rate was SGD 0.205 CNY 1. Required: a. Assuming that the current rate method is the appropriate method of translation, determine the amounts at which the Chinese subsidiary's ending inventory and cost of goods sold should be included in Singcom's Year 1 consolidated financial statements. b. Assuming that the temporal method is the appropriate method of translation, determine the amounts at which the Chinese subsidiary's ending inventory and cost of goods sold should be included in Singcom's Year 1 consolidated financial statements