The Acme Company has a wholly owned subsidiary in Livonia, whose currency is the liv. Acme reports its financial results in U.S. dollars. The exchange rate between the dollar and the liv has been as follows:

December 31, 2017 $0.2500 = 1 liv

December 31, 2018 $0.1667 = 1 liv

2018 average $0.2000 = 1 liv

On December 31, 2017, the subsidiary acquired 100 units of inventory at a cost of 60 liv per unit. During 2018, 100 additional units were purchased at a cost of 75 liv per unit. On December 31, 2018, 100 units were sold at a price of 150 liv per unit.

Required:

1. Assume that the liv is the functional currency for the subsidiary. Calculate the cost of goods sold and closing inventory in U.S. dollars using both the first-in, first-out (FIFO) and the last-in, first-out (LIFO) inventory methods.
2. Assume that the U.S. dollar is the functional currency for the subsidiary. Calculate the cost of goods sold and closing inventory in U.S. dollars using both the FIFO and LIFO methods.