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Problem 9-27 (Algo) (LO 9-2) Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 May 1
Problem 9-27 (Algo) (LO 9-2) Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: March 1 May 1 August 1 September 1 Bought inventory costing 121,000 pesos on credit. Sold 80 percent of the inventory for 101,000 pesos on credit. Collected 80,500 pesos from customers. Paid 70,500 pesos to suppliers. Currency exchange rates for 1 peso for 2020 are as follows: Date March 1 May 1 August 1 September 1 December 31 U.S. Dollar per Peso $ 0.19 0.20 0.21 0.22 0.23 Assume that all receipts were converted into dollars as soon as they were received. For each of the following accounts, what amount will Voltac report on its 2020 financial statements? a Inventory b Cost of goods sold Sales d e Accounts receivable Accounts payable Cash
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