Required information A subsidiary of Porter Inc., a U.S. company, was located in a foreign country. The functional currency of this subsidiary was the Stickle ($) which is the local currency where the subsidiary is located. The subsidiary acquired inventory on credit on November 1, 2017, for $120,000 that was sold on January 17, 2018 for $156,000. The subsidiary paid for the inventory on January 31, 2018. Currency exchange rates between the dollar and the Stickle were as follows: November 1, 2017 December 31, 2017 January 1, 2018 January 31, 2018 Average for 2018 $ 0.19 = $ 0.20 = $ 0.22 = $ 0.23 = $ 0.24 = 1 $1 $1 $1 1 What amount would have been reported for cost of goods sold on Porter's consolidated income statement at December 31, 2018? Multiple Choice $22,800. 0 $27,600. 0 $28,800 0 $24,000. 0 $26,400