What amount does Salisbury’s consolidated income statement report for cost of goods sold for the year ending December 31, 2011?
a. $16,000.
b. $17,000.
c. $18,000.
d. $19,000.
Problems 10 and 11 are based on the following information.
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2011, for 100,000 pesos each. It pays for both items on June 1, 2011, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-market rule. Currency exchange rates for 1 peso follow:
January 1, 2011 | $0.15 = 1 | peso |
April 1, 2011 | 0.16 = 1 |
|
June 1, 2011 | 0.17 = 1 |
|
December 31, 2011 | 0.19 = 1 |
|
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