A U.S. company’s foreign subsidiary had the following amount…

A U.S. company’s foreign subsidiary had the following amounts in stickles (§) in 2021:                         Cost of goods sold      §          12,000,000Ending inventory                    600,000Beginning inventory               240,000The average exchange rate during 2021 was §1 = $0.96. The beginning inventory was acquired when the exchange rate was §1 = $1.20. The ending inventory was acquired when the exchange rate was §1 = $0.90. The exchange rate at December 31, 2021 was §1 = $0.84. Assuming that the foreign country had a highly inflationary economy, at what amount should the foreign subsidiary’s cost of goods sold have been reflected in the 2021 U.S. dollar income statement?