The British subsidiary of a U. S. company reported cost of goods sold of 75,000 pounds (sterling) for the current year ended December 31. The beginning inventory was 10,000 pounds, and the inventory was 15,000 pounds. Spot rates for various dates are as follows:
Date beginning inventory was acquired Rate at beginning of the year Weighted average rate for the year S1.60-1 pound S1.58-1 pound $1.50-1 pound S1.45 1 pound Date ending inventory was acquired Assuming the dollar is the functional currency of the British subsidiary, the remeasured amount of cost of goods sold that should appear in the consolidated income statement is:.
A. $108,750
B. $112,500.
C. $114,250
D $125,700.
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