47. Big Ben, Ltd. is a British subsidiary of a U.S. company and prepares their annual financial statements on a calendar year basis. During the current year, Big Ben had purchases of 150,000, cost of goods sold of 165,000, beginning inventory of 90,000, and ending inventory of 75,000. Various spot rates for the current year are as follows: January 1 $1.55 = 1.00 Date that the beginning inventory was acquired $1.58 = 1.00 Weighted average rate for the current year $1.60 = 1.00 December 31 $1.65 = 1.00 Date that the ending inventory was acquired $1.62 = 1.00 Big Ben's functional currency is the U.S. dollar. What is the amount of Big Ben's cost of goods sold that will be included in the current year's consolidated income statement? Less $255,750 $260,700 $264,000 $272,250 YOUR ANSWER CORRECT ANSWER