Stack Company is a subsidiary of Pile Company and is located in Valparaíso, Chile, where the currency is the Chilean Peso. Data on Stack's inventory and purchases are as follows: Inventory, January 1, 20X8 500,000 Pesos Purchases during 20X8 1,000,000 Pesos Inventory, December 31, 20X8 400,000 Pesos The beginning inventory was acquired during the fourth quarter of 20X7, and the ending inventory was acquired during the fourth quarter of 20X8. Purchases were made evenly over the year. Exchange rates were as follows: Fourth quarter of 20X71 Peso=$0.00148 January 1, 20X81 Peso=$0.00152 Average during 20X81 Peso=$0.00160 Fourth quarter of 20X81 Peso=$0.00162 December 31, 20X81 Peso=$0.00165 Based on the preceding information, the translation of cost of goods sold for 20X8,
assuming that the Chilean peso is the functional currency is:
A. $1,700.
B. $1,692.
C. $1,760.
D. $1,680.
Answer: C
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