South Company is a subsidiary of Pole Company and is located in Malaysia, where the currency is the ringgit. Data on South's inventory and purchases are as follows: Inventory, January 1, 20X4 30,000ringgits Purchases during 20X4 80,000ringgits Inventory, December 31, 20X4 20,000ringgits The beginning inventory was acquired during the fourth quarter of 20X3, and the ending inventory was acquired during the fourth quarter of 20X4. Purchases were made evenly during 20X4. Exchange rates were as follows: Fourth quarter of 20X31 ringgit=$0.319 January 1, 20X41 ringgit=$0.318 Average during 20X41 ringgit=$0.315 Fourth quarter of 20X41 ringgit=$0.313 December 31, 20X41 ringgit=$0.31 Based on the preceding information and assuming the U.S. dollar is the functional currency, what is
the amount of South's costs of goods sold remeasured in U.S. dollars?
A. $28,480
B. $28,540
C. $28,510
D. $28,570
Answer: C
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