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901,000 is also incorrect for the euro amount and I am not sure why. I thought it was beginng inv + purchases - ending inv
901,000 is also incorrect for the euro amount and I am not sure why. I thought it was beginng inv + purchases - ending inv = 901,000 but it is still saying I am wrong. could you please help
Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the currency is the euro (). Data on Stuff's inventory and purchases are as follows: Inventory, January 1, 20x7 Purchases during 20x7 Inventory, December 31, 20x7 223,000 863,000 185,000 The beginning inventory was acquired during the fourth quarter of 20x6, and the ending inventory was acquired during the fourth quarter of 20X7. Purchases were made evenly over the year. Exchange rates were as follows: Fourth quarter of 2026 January 1, 20x7 Average during 20x7 Fourth quarter of 20x7 December 31, 20x7 $ 1=1.29015 1=1.32030 1=1.39655 1=1.45000 1=1.47280 Required: a. Show the remeasurement of cost of goods sold for 20X7, assuming that the U.S. dollar is the functional currency. (Round your intermediate calculations and final answer to nearest dollar amount.) Answer is complete but not entirely correct. Cost of goods sold $ 901,000 b. Show the translation of cost of goods sold for 20X7, assuming that the euro is the functional currency. (Round your final answer to nearest dollar amount.)Step by Step Solution
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