A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle () which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for 60,000 that was sold on January 17, 2018, for 78,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: Nov 1 2017: $0.19 = 1; Dec 31 2017: $0.20 = 1; Jan1 2018: $0.22 = 1; Jan 31 2018: $0.23 = 1; Average rate for 2018: $0.24 = 1a, What amount would have been reported for this inventory in Porter's consolidated balance sheet at December 31, 2017?

b, what amount would have been reported for the cost of goods sold on Porter's consolidated income statement on December 31, 2018?