Plymouth Corporation (US Corporation) began operations on September 1, 2011 when the owner borrowed $350,000 to establish the business.

Plymouth then had the following import and export transactions with unaffiliated Chinese companies:

September 6, 2011 Bought material inventory for 300,000 yuan on account. Invoice denominated in yuan. September 18, 2011 Sold 75% of inventory acquired on 9/6/11 for 310,000 yuan on account.

Invoice denominated in yuan. October 5, 2011

Acquired and paid the 300,000 yuan owed to the Chinese supplier. October 18, 2011 Collected the 310,000 yuan from the Chinese customer and immediately converted them into US dollars The following exchange rates apply:

Date. Rate

September 6 0.1544= 1 yuan

September 18, 0.1627=1 yuan

September 30 0.1691= 1 yuan

October 5. 0.1580= 1yuan

October 18. 0.1625=1yuan

October 31. 0.1621= 1 yuan

Required: Using the entries recored for the above transactions once the Monthly reporting is done, answer the following:

1. what is the Cost of goods sold?

2. what is the net exchange or loss at the end of september?

3. in the icome statement, what amount will be the reported as Sales?

4. in the balance sheet, what amount will be reported as accounts receivables?

5. in the balance sheet, what amount will be the inventory balance at the end of september?