Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S. company, showed cost of goods sold...
Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S. company, showed cost of goods sold on its income statement for the year ended December 31, Year 1.
|
Inventory, 1/1/Y1 (purchased on 12/31/Y0) |
£100,000 |
||
|
Purchase |
900,000 |
||
|
Inventory, 12/31/Y1 (purchased on 12/31/Y1) |
200,000 |
||
|
Cost of goods sold |
£800,000 |
||
|
Exchange rates/£ |
|||
|
December 31, Y0 |
$0.55 |
||
|
Year 1 average |
$0.53 |
||
|
December 31, Y1 |
$0.52 |
||
What amount should be used to consolidate Placo's cost of goods sold into Limko's income statement under the temporal method?
Group of answer choices
$428,000
$416,000
$440,000
$424,00
Homework Answers
Working as follows:
| Inventory, 1/1/Y1 (purchased on 12/31/Y0) | £100,000 | × | $0.55 | = | $55,000 |
| Add: Purchase | 900,000 | × | $0.53 | = | $477,000 |
| Less: Inventory, 12/31/Y1 (purchased on 12/31/Y1) | 200,000 | × | $0.52 | = | ($104,000) |
| Cost of goods sold | $428,000 |
Hence, the correct option is [$428,000]
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Placo Ltd., a Scottish subsidiary of Limko, Inc., a U.S.
company, showed cost of goods sold...
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