PART II. PROBLEM SOLVING (10 MARKS) Direction. Read the case and solve using the relevant concepts of accounting. Show your solution(s). Sconish Ltd., a U.S. company, is a subsidiary of Scothbrite, Inc. Scothbrite, Inc. is a Scottish company. It presented data related to the cost of goods sold for the year ended December 31, 2019. Inventory, 1/1/19 Purchases Cost of Goods Available for sale Inventory, 12/31/19 Exchange rates/ 100,000 900,000 1,000,000 200,000 December 31, 2018 December 31, 2019 2019 average $0.56 $0.52 $0.55 Use the current rate method in determining what appropriate exchange rates to calculate the cost of goods sold amount that should be used in the preparation of the Consolidated Income Statement of Sconish Ltd. Marking Scheme: Correct Cost of Goods computation Correct exchange rate used Total Marks = 5 marks = 5 marks = 10 marks