Esposito is an Italian subsidiary of a U.S. Company. Esposito’s ending inventory is valued at the average cost for the last quearter of the year. The following account balances are available for Esposito for 2011:
Beginning inventory E 20,000 (E = Euro)
Purchases E400,000
Ending inventory E15,000
Relevant exchange rates follow:
4th quarter average, 2010 $.93 = E1 (E = Euro)
December 31, 2010 .94 = E1
Average 2011 .96 = E1
4th quarter average, 2011 .99 = E1
December 31, 2011 1.01 = E1
1. Compute the cost of goods sold for 2011 in U.S. dollars using the temporal method
2. Compute the cost of goods sold for 2011 in U.S. dollars using the current rate method
3. Compute ending inventory for 2011 under the temporal method
4. Compute ending inventory for 2011 under the current rate method
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