A U.S. company's foreign subsidiary had these amounts in local currency units (LCU) in 2024: Cost of goods sold Beginning inventory Ending inventory LCU 5,710,000 542,000 623,000 The average exchange rate during 2024 was $1.20 LCU 1. The beginning inventory was acquired when the exchange rate was $1.00 LCU 1. Ending inventory was acquired when the exchange rate was $1.30=LCU 1. The exchange rate on December 31, 2024, was $1.35 LCU 1 Required: Assuming that the foreign country is highly inflationary, determine the amount at which the foreign subsidiary's cost of goods sold should be reflected in the U.S. dollar income statement Cost of goods sold