Question
Kent is a Foreign British subsidiary (in the UK) of a U.S. parent company. Kent's functional currency is the foreign British Pound. The following exchange
Kent is a Foreign British subsidiary (in the UK) of a U.S. parent company. Kent's functional currency is the foreign British Pound. The following exchange rates were in effect during 2008:
1 January 2008- 1 Pound= 9.834 $
30 June 2008- 1 Pound = 9.678 $
31 December 2008- 1 Pound = 9.120 $
Weighted Average rate for the year 2008 - 1 Pound= 9.600 $
Weighted Average rate for last quarter in the year 2008- 1 Pound= 9.540 $
Kent reported sales revenue of 1,500,000 (pounds) during 2008. What amount (rounded) would have been included for this subsidiary in calculating consolidated translated sales revenue?
Select one:
a. $13,950,000
b. $14,310,000
c. None of the answers is correct
d. $14,400,000
e. $14,751,500
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