Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2024:

Currency exchange rates for 1 peso for 2024 are as follows:

For each of the following accounts, what amount will Voltac report on its 2024 financial statements?

a. Inventory

b. Cost of Goods Sold

c. Sales

d. Accounts Receivable

e. Accounts Payable

f. Cash

Transcribed Image Text:

March 1 May 1 August 1 September 1 Bought inventory costing 100,000 pesos on credit. Sold 60 percent of the inventory for 80,000 pesos on credit. Collected 70,000 pesos from customers. Paid 60,000 pesos to suppliers.