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Your right krnyc2008, the focus is on ending inventory.
EI COGS*
FIFO Current FX Rate Older or Avg Rate
LIFO Older FX Rate Newer or Avg Rate
*COGS is usually done with avg along with the entire I/S, the only question potentially affected by this would be Days of Payable = COGS/Avg Inventory
Hope this helps

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