7. Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S. company, showed cost of goods sold on its income statement for the year ended December 31, 2010. Inventory, 1/1/10 100,000 Purchases 900,000 Cost of Goods Available for Sale 1,000,000 Inventory, 12/31/10 200,000 Cost of Goods Sold 800,000 Exchange rates/ December 31, 2010 $0.522 December 31, 2009 $0.560 2010 average $0.547 What amount should be used to consolidate Placo's cost of goods sold into Limko's income statement under the current rate method? * (1 Point)