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Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2018 Mar. 1 1 1 1 Bought
Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2018 Mar. 1 1 1 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 May Aug. Sept. The appropriate exchange rates during 2018 were as follows Date March 1, 2018 May 1, 2018 August 1, 2018 September 1, 2018 December 31, 2018 Exchange Rate $.20 1 peso S.22 1 peso S.23-1 peso $.24 1 peso S.25 1 peso Prepare all journal entries in U.S. dollars along with any December 31, 2018 adjusting entries. Coyote uses a perpetual inventory system
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