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Thomas Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2021: Mar.1 Bought inventory costing 60,000 pesos
Thomas Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2021: Mar.1 Bought inventory costing 60,000 pesos on credit. May 1 Sold 40% 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 2021 were as follows: Date March 1, 2021 May 1, 2021 August 1, 2021 September 1, 2021 December 31, 2021 Exchange Rate $0.20 = 1 peso $0.22 = 1 peso $0.23 = 1 peso $0.24 = 1 peso $0.25 = 1 peso What amount will Thomas Corp. report in its 2021 balance sheet for 1. Inventory 2.Cost of goods sold 3. Sales 4. Accounts receivable? 5. Accounts payable
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