Required information Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2018: Mar.1 Bought inventory costing 60,000 pesos on credit May 1 Sold 60% of the inventory for 54,000 pesos on credit Aug. 1 Collected 48,000 pesos from customers Sept. 1 Paid 36,000 pesos to creditors The appropriate exchange rates during 2018 were as follows: Exchange Rate $.20 1 peso $.22 1 peso $.23 1 peso $.24 1 peso $.25 1 peso Date March 1, 2018 May 1, 2018 August 1, 2018 September 1, 2018 December 31, 2018 What amount will Coyote Corp. report in its 2018 income statement for Cost of goods sold? Toolbar navigation Short Answer B I U A A $7200