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Voltac Corporation ( a U . S . - based company ) has the following import / export transactions denominated in Mexican pesos in 2
Voltac Corporation a USbased company has the following importexport transactions denominated in Mexican pesos in :
March Bought inventory costing pesos on credit.
Sold percent of the inventory for pesos on credit.
September Collected pesos from customers.
Currency exchange rates for peso for are as follows:
Assume that all receipts were converted into dollars as soon as they were received.
Required:
For each of the following accounts, what amount will Voltac report on its financial statements?
a Inventory
b Cost of goods sold
c Sales
d Accounts receivable
e Accounts payable
f Cash
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