Duff company is a subsidiary of rand corporation and is located in madrid, spain, where the currency is the euro (€). data on duff’s inventory and purchases are as follows: inventory, january 1, 20×7 € 224,000 purchases during 20×7 855,000 inventory, december 31, 20×7 194,000 the beginning inventory was acquired during the fourth quarter of 20×6, and the ending inventory was acquired during the fourth quarter of 20×7. purchases were made evenly over the year. exchange rates were as follows: € $ fourth quarter of 20×6 1 = 1.29015 january 1, 20×7 1 = 1.32030 average during 20×7 1 = 1.39655 fourth quarter of 20×7 1 = 1.45000 december 31, 20×7 1 = 1.47280 required:
a. show the remeasurement of cost of goods sold for 20×7, assuming that the u.s. dollar is the functional currency. (round your intermediate calculations to nearest dollar amount.)
