On January 1, 2001, Pace Company acquired all of the outstanding stock of Spin PLC, a British Company. On that data, the book and fair values of the Spin's identifiable assets and liabilities approximated their fair values. Spin's trial balance on December 31, 2008, in pounds, follows: Additional Information Spin uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 2013. and ending inventory was acquired on December 26, 2014. Purchases of pound 300,000 were made evenly throughout 2014. You will need to calculate beginning inventory in pounds. Spin acquired all of its property, plant, and equipment on March 1, 2010, and uses straight-line depreciation. Spin's sales were made evenly throughout 2014, and its operating expenses were incurred evenly throughout 2008. The dividends were declared and paid on November 1, 2014. Retained earnings in U.S. dollars as of January 1, 2014 is $$125,000. Exchange rates were as follows: On January 1, 2001, Pace Company acquired all of the outstanding stock of Spin PLC, a British Company. On that data, the book and fair values of the Spin's identifiable assets and liabilities approximated their fair values. Spin's trial balance on December 31, 2008, in pounds, follows: Additional Information Spin uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 2013. and ending inventory was acquired on December 26, 2014. Purchases of pound 300,000 were made evenly throughout 2014. You will need to calculate beginning inventory in pounds. Spin acquired all of its property, plant, and equipment on March 1, 2010, and uses straight-line depreciation. Spin's sales were made evenly throughout 2014, and its operating expenses were incurred evenly throughout 2008. The dividends were declared and paid on November 1, 2014. Retained earnings in U.S. dollars as of January 1, 2014 is $$125,000. Exchange rates were as follows