A U.S. companys foreign subsidiary had these amounts in local currency units (LCU) in 2017: Cost of goods sold LCU 5,230,000 Beginning inventory 536,000 Ending inventory 622,000 The average exchange rate during 2017 was $1.30 = LCU 1. The beginning inventory was acquired when the exchange rate was $1.10 = LCU 1. Ending inventory was acquired when the exchange rate was $1.40 = LCU 1. The exchange rate at December 31, 2017, was $1.45 = LCU 1. Assuming that the foreign country is highly inflationary, at what amount should the foreign subsidiarys cost of goods sold be reflected in the U.S. dollar income statement?