QUESTION 2 a) On 1 September 2021, Charin Corporation, a U.S. company began operations when the owner borrowed $300,000 to establish the business. Charin then had the following import and export transactions with unaffiliated Chinese companies: 3 September 2021 12 September 2021 2 October 2021 11 October 2021 Bought material inventory for 100,000 yuan on account. Invoice denominated in yuan. Sold 80% of inventory acquired on 3/9/21 for 110,000 yuan on account. Invoice denominated in yuan. Acquired and paid the 100,000 yuan owed to the Chinese supplier. Collected the 110,000 yuan from the Chinese customer and immediately converted them into U.S. dollars The following exchange rates apply: Date Rate 3 September $0.1544 = 1 yuan 12 September $0.1607 = 1 yuan 30 September $0.1591 = 1 yuan 2 October $0.1578 = 1 yuan 11 October $0.1593 = 1 yuan REQUIRED: (i) Estimate the sales for the month of September 2021. (11) Estimate the cost of goods sold associated with these sales. (111) Estimate the accounts receivable balance as at 30 September 2021. (iv) Estimate the inventory balance as at 30 September 2021.