Acme Corporation (a U.S. company located in Sarasota, Florida) has the following import/export transactions in 2015:

March 1 Bought inventory costing 55,000 pesos on credit. May 1 Sold 70 percent of the inventory for 50,000 pesos on credit. August 1 Collected 42,500 pesos from customers. September 1 Paid 32,500 pesos to creditors.

Currency exchange rates for 1 peso for 2015 are as follows:

March 1 $ 0.14 May 1 0.15 August 1 0.16 September 1 0.17 December 31 0.18

Assume that all receipts were converted into dollars as soon as they were received.

For each of the following accounts, how much will Acme report on its 2015 financial statements?

a. Inventory _____

b. Cost of goods sold _____

c. Sales ______

d. Accounts Receivable _____

e. Accounts Payable _____

f. Cash ______

References eBook & Resources ProblemDifficulty: Medium