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Beach Bean Company ( BBC ) is a subsidiary of Common Grounds Inc ( CGI ) , a Canadian company that reports in Canadian dollars.
Beach Bean Company BBC is a subsidiary of Common Grounds Inc CGI a Canadian company that reports in Canadian dollars. BBC is located on the Island of Kauai in the United States. On December CGI purchased of the common shares of BBC for USD $ The following appears on the BBC financial statements for the year ending December : Beach Bean Company Statement of Income For the Year Ending December in USD Sales $ Cost of sales Gross margin Gain on sale of equipment Expenses: Depreciation expense Other expense Net income $ Beach Bean Company Partial Statement of Financial Position As at December in USD in USD Cash $ $ Accounts receivable Inventory Inventory on hand at the end of the year was purchased evenly throughout the last quarter of the year. The relevant exchange rates for USD to the Canadian dollar: Average ratemonth of December Average ratelast quarter of December August Average rateyearly December Average ratemonth of December Average ratelast quarter of Assuming that BBCs functional currency is the Canadian dollar, which of the following is the balance in Canadian dollars for Cost of sales for Question options: $ $ $ $
Beach Bean Company BBC is a subsidiary of Common Grounds Inc CGI a Canadian company that reports in Canadian dollars. BBC is located on the Island of Kauai in the United States. On December CGI purchased of the common shares of BBC for USD $ The following appears on the BBC financial statements for the year ending December :
Beach Bean Company
Statement of Income
For the Year Ending December
in USD
Sales
$
Cost of sales
Gross margin
Gain on sale of equipment
Expenses:
Depreciation expense
Other expense
Net income
$
Beach Bean Company
Partial Statement of Financial Position
As at December
in USD
in USD
Cash
$
$
Accounts receivable
Inventory
Inventory on hand at the end of the year was purchased evenly throughout the last quarter of the year.
The relevant exchange rates for USD to the Canadian dollar:
Average ratemonth of December
Average ratelast quarter of
December
August
Average rateyearly
December
Average ratemonth of December
Average ratelast quarter of
Assuming that BBCs functional currency is the Canadian dollar, which of the following is the balance in Canadian dollars for Cost of sales for
Question options:
$
$
$
$
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