Question
Zesto Ltd., a Scottish subsidiary of Alexander Inc., a U.S. company, showed cost of goods sold on its income statement for the year ended December
Zesto Ltd., a Scottish subsidiary of Alexander Inc., a U.S. company, showed cost of goods sold on its income statement for the year ended December 31, 2019.
| Items | Exchange Rates / | ||
| Inventory 1/1/2019 | 40,000 | December 31, 2019 | $0.522 |
| Purchases | 80,000 | December 31, 2018 | $0.56 |
| Inventory 12/31/2019 | 30,000 | 2019 Average | $0.547 |
What amount should be used to consolidate Zestos cost of goods sold into Alexander income statement under the Current Rate method?
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Evaluating The Effectiveness On Internal Audit Departments
Authors: W. Steve Albrecht, Keith R. Howe, Dennis R. Schueler, Kevin D. Stocks
1st Edition
089413177X, 978-0894131776
