The Fisher Corporation engaged in the following transactions during 2017.Fisher uses a perpetual inventory system:
Apr. 1 Purchased merchandise from a Mexican supplier at a cost of 100,000 pesos. The exchange rate on this date was $ \$ 0.15 $ per peso. $\text { May } 5 \text { Paid for the merchandise. The exchange rate on this date was } \$ 0.16 \text { per peso. }$ Jun, 10 Sold goods to a U.S. buyer at a selling price of $ \$ 80,000 $ U.S. dollars.
The exchange rate on this date was $ \$ 1.05 $ Canadian dollars for each U.S. dollar Ignore the journal entry to record cost of goods sold. Jul. 30 Received payment from the U.S. buyer for the goods sold on June 10. The exchange rate on this date was $ \$ 1,02 $ Canadian dollars for each U.S. dollar a_Prepare the journal entries necessary to record each of the above transactions.
b_During the periods of time covered by the transactions,was the Canadian dollar
$\text { getting stronger or weaker relative to the Mexican peso and the U.S. dollar? }$

Question

The Fisher Corporation engaged in the following transactions during 2017.Fisher uses a perpetual inventory system:
 Apr. 1 Purchased merchandise from a Mexican supplier at a cost of 100,000 pesos. The exchange rate on this date was $ \$ 0.15 $ per peso. $\text { May } 5 \text { Paid for the merchandise. The exchange rate on this date was } \$ 0.16 \text { per peso. }$ Jun, 10 Sold goods to a U.S. buyer at a selling price of $ \$ 80,000 $ U.S. dollars.
The exchange rate on this date was $ \$ 1.05 $ Canadian dollars for each U.S. dollar Ignore the journal entry to record cost of goods sold. Jul. 30 Received payment from the U.S. buyer for the goods sold on June 10. The exchange rate on this date was $ \$ 1,02 $ Canadian dollars for each U.S. dollar a_Prepare the journal entries necessary to record each of the above transactions.
b_During the periods of time covered by the transactions,was the Canadian dollar
 $\text { getting stronger or weaker relative to the Mexican peso and the U.S. dollar? }$

Quizplus · Accepted Answer

The Answer of The Fisher Corporation engaged in the following transactions during 2017.Fisher uses a perpetual inventory system:
 Apr. 1 Purchased merchandise from a Mexican supplier at a cost of 100,000 pesos. The exchange rate on this date was $ \$ 0.15 $ per peso. $\text { May } 5 \text { Paid for the merchandise. The exchange rate on this date was } \$ 0.16 \text { per peso. }$ Jun, 10 Sold goods to a U.S. buyer at a selling price of $ \$ 80,000 $ U.S. dollars.
The exchange rate on this date was $ \$ 1.05 $ Canadian dollars for each U.S. dollar Ignore the journal entry to record cost of goods sold. Jul. 30 Received payment from the U.S. buyer for the goods sold on June 10. The exchange rate on this date was $ \$ 1,02 $ Canadian dollars for each U.S. dollar a_Prepare the journal entries necessary to record each of the above transactions.
b_During the periods of time covered by the transactions,was the Canadian dollar
 $\text { getting stronger or weaker relative to the Mexican peso and the U.S. dollar? }$

The Fisher Corporation Engaged in the Following Transactions During 2017 $0.15 \$ 0.15 $0.15

The Fisher Corporation Engaged in the Following Transactions During 2017 $\$ 0.15$