Which of the following is a noncounterbalancing error?
A) accrued expenses not recognized at year-end
B) accrued revenues that have not been collected or recognized at year-end
C) depreciation expense overstated for the year
D) prepaid expenses not recognized at year-end
C
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A U.S. company's foreign subsidiary had the following amounts in stickles (§), the functional currency, in 2018: Cost of goods sold§12,000,000Ending inventory 600,000Beginning inventory 240,000??The average exchange rate during 2018 was §1 = $.96. The beginning inventory was acquired when the exchange rate was §1 = $1.20. The ending inventory was acquired when the exchange rate was §1 = $.90. The exchange rate at December 31, 2018 was §1 = $.84. At what amount should the foreign subsidiary's cost of goods sold have been reflected in the 2018 U.S. dollar income statement?
A. $11,613,600. B. $11,523,600. C. $11,253,600. D. $11,577,600. E. $11,520,000.