Acme Corporation (a U.S. company located in Sarasota, Florida)has the following import/export transactions in 2015:
March 1
Bought inventorycosting 66,000 pesos on credit.
May 1
Sold 60 percentof the inventory for 61,000 pesos on credit.
August 1
Collected 48,000pesos from customers.
September 1
Paid 38,000pesos to creditors.
Currency exchange rates for 1 peso for 2015 are as follows:
March 1
$
0.25
May1
0.26
August 1
0.27
September 1
0.28
December 31
0.29
Assume that all receipts were converted into dollars as soon asthey were received.
For each of the following accounts, how much will Acme report onits 2015 financial statements?
1) Inventory
2) Cost of goods sold
3)Sales
4) Accounts Receivables
5) Accounts payable
6) cash
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