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Voltac Corporation (a U.S. company located In Charlotte, North Carolina) has the following Import/export transactions denominated In Mexican pesos In 2017: March 1 May 1
Voltac Corporation (a U.S. company located In Charlotte, North Carolina) has the following Import/export transactions denominated In Mexican pesos In 2017: March 1 May 1 August 1 September 1 Bought inventory costing 117,808 pesos on credit Sold 78 percent of the inventory for 97,888 pesos on credit Collected 78,580 pesos from customers Paid 68,588 pesos to suppliers Currency exchange rates for 1 peso for 2017 are as follows March May 1 August 1 September 1 December 31 $ 8.15 8.16 8.17 8.18 8.19 Assume that all recelpts were converted Into dollars as soon as they were recelved. For each of the following accounts, how much will Voltac report on its 2017 financial statements? a Inventory b Cost of goods sold c Sales d Accounts receivable e Accounts payable f Cash
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