Walla Corporation's International Division consists of two of Walla's subsidiaries. One of the subsidiaries operates in the United Kingdom and the other on the European continent. The U.K. subsidiary had identical sales revenue amounts, as measured in British pounds, in 20X1 and 20X2 and reported a 25% gross profit margin in both years. Similarly, the European subsidiary's sales revenue was the same in 20X1 and 20X2 when measured in euros. It reported a 33.33% gross profit margin in both years. Both subsidiaries account for their inventories under FIFO. Assume the British pound was rising steadily in value versus the U.S. dollar throughout 20X1 and 20X2. Assume the euro was declining steadily in value versus the U.S. dollar throughout 20X1 and 20X2