CPA Far Quiz
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A U.S. for-profit company consolidates a foreign subsidiary in the United Kingdom that maintains its books in British pounds sterling (GBP) under IFRS; the subsidiary's functional currency is the GBP. During the year, the subsidiary purchased inventory for £800,000 when the spot rate was $1.24/£ and sold the inventory later in the year; the average rate for the year was $1.28/£ and the year-end rate was $1.30/£. Under U.S. GAAP (ASC 830), which exchange rate should be used to translate cost of sales related to this inventory for consolidation purposes?
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