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Oscar, Ltd. is a British subsidiary of an American company. Oscar's functional currency is the pound sterling (). The following exchange rates were in effect

  • Oscar, Ltd. is a British subsidiary of an American company.  Oscar's functional currency  is the pound sterling (£). The following exchange rates were in effect during 2021:

    January 1£1=ps1.58
    June 30th£1=ps1.63
    December 31£1=ps1.60
    Weighted average rate for the year£1=ps1.56

    Oscar reported sales of £1,200,000 during 2021.

  • What amount (rounded) would have been included for this subsidiary in the calculation of consolidated sales?

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