Coyote Corp The Appropriate Exchange Rates During 2011 Were as Follows

question 71

Essay

Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2011: $$\begin{array} { | l | l | } \hline \text { Mar. 1 } & \text { Bought inventory costing } 60,000 \text { pesos on credit. } \\\hline \text { May 1 } & \text { Sold } 60 \% \text { of the inventory for } 54,000 \text { pesos on credit. } \\\hline \text { Aug. 1 } & \text { Collected } 48,000 \text { pesos from customers } \\\hline \text { Sept. 1 } & \text { Paid } 36,000 \text { pesos to creditors } \\\hline\end{array}$$ The appropriate exchange rates during 2011 were as follows: $$\begin{array} { | l | c | } \hline & \text { Exchange } \\\hline { \text { Date } } & \text { Rate } \\\hline \text { March 1, 2011 } & \$ .20 = 1 \text { peso } \\\hline \text { May 1, 2011 } & \$ .22 = 1 \text { peso } \\\hline \text { August 1,2011 } & \$ .23 = 1 \text { peso } \\\hline \text { September } 1,2011 & \$ .24 = 1 \text { peso } \\\hline \text { December } 31,2011 & \$ .25 = 1 \text { peso } \\\hline\end{array}$$
-Prepare all journal entries in U.S. dollars along with any December 31, 2011 adjusting entries. Coyote uses a perpetual inventory system.

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