coyote corp. a u.s company in texas had the following series of transactions in a...
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coyote corp. a u.s company in texas had the following series of transactions in a foreign country during 2013. march 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 on march 1 exchange rate $.20=1 peso may 1 $.22 = 1 peso aug 1 $,23=1 peso sept 1 $.24 = 1 peso dec 31 $.25=1 peso prepare all journal entries in u.s. dollars along with any dec 31 adjusting entries. coyote uses a perpetual inventory system
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