Coyote Corp The Appropriate Exchange Rates During 2011 Were as Follows
Question 84
Question 84
Essay
Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2011: Mar. 1 May 1 Aug. 1 Sept. 1 Bought inventory costing 60,000 pesos on credit. Sold 60% of the inventory for 54,000 pesos on credit. Collected 48,000 pesos from customers Paid 36,000 pesos to creditors The appropriate exchange rates during 2011 were as follows: Date March 1, 2011 May 1, 2011 August 1,2011 September 1,2011 December 31,2011 Exchange Rate $.20=1 peso $.22=1 peso $.23=1 peso $.24=1 peso $.25=1 peso -Prepare all journal entries in U.S. dollars along with any December 31, 2011 adjusting entries. Coyote uses a perpetual inventory system.
Correct Answer:
Verified
Unlock this answer now Get Access to more Verified Answers free of charge