Quarter	Month	2013 Purchases in USD Before Discounts	Average Cash Discount	2013 Sales in CAD	CAD Appreciation (+) or Depreciation (-) Against USD
I	January	$2,021	2.00%	$1,798	Start 0.9423
	February	$2,200	3.00%	$2,407	1.00%
	March	$2,531	2.50%	$2,568	-0.50%
II	April	$2,623	1.50%	$2,985	0.35%
	May	$2,676	1.00%	$3,114	-1.50%
	June	$2,805	2.00%	$3,242	1.75%
III	July	$3,309	2.25%	$3,306	1.00%
	August	$4,146	2.00%	$3,852	0.05%
	September	$6,196	3.00%	$4,815	-1.40%
IV	October	$10,981	3.00%	$7,222	-0.30%
	November	$8,332	3.25%	$12,839	0.90%
	December	$1,520	1.75%	$9,6308	-0.75%

(all figures are in thousands of dollars)

IMPORTANT INFORMATION

The imported products require GST to be paid on the equivalent Canadian value of the imported goods before any discounts.

All sales are subject to GST.

Lightning Wholesales suppliers offer it various cash discounts, which the accounting department always takes advantage of. These discounts have not been deducted from the purchase amounts listed in the table.

YOUR TASKS

Calculate the exchange rates for each month throughout the 2013 operating year. Round all exchange rates to four decimals before calculating the next exchange rate.

Compute quarterly GST remittances. a. Convert monthly purchases into Canadian funds and determine the monthly GST paid to the CBSA (Canada Border Services Agency). b. Assess the monthly GST collected on all sales. c. Complete a quarterly GST remittance table summarizing GST paid, GST collected, and the net amount refunded or remitted in 2013.

Create a quarterly cost of goods sold and revenue table.

a. Apply the average monthly cash discount to the Canadian monthly purchase amounts. Round all answers to the nearest thousands of dollars. b. Create a quarterly table summarizing costs of goods sold and sales with yearly totals of each