22. A U.S. company's foreign subsidiary had the following amounts in stickles () in 2018:

Cost of goods sold		12,000,000
Ending inventory		600,000
Beginning inventory		240,000

The average exchange rate during 2018 was 1 = $.96. The beginning inventory was acquired when the exchange rate was 1 = $1.20. The ending inventory was acquired when the exchange rate was 1 = $.90. The exchange rate at December 31, 2018 was 1 = $.84. Assuming that the foreign country had a highly inflationary economy, at what amount should the foreign subsidiary's cost of goods sold have been reflected in the 2018 U.S. dollar income statement?

A) $11,613,600.

B) $11,577,600.

C) $11,649,600.

D) $11,253,600.

E) $11,523,600.