Which of the following statements is correct with respect to the translation of cost of sales in a foreign operation where the functional currency of the foreign operation is the same as the parent's functional currency? Multiple Choice Opening inventory is translated using an average rate. Ending Inventory is translated using the rate in effect when the inventory was acquired. Opening inventory is translated using closing rates. Opening inventory is translated using an average rate. Ending inventory is translated using the rate in effect when the inventory was acquired. Opening inventory is translated using closing rates. Ending inventory is translated using an average rate