Coyote Corp. (a U.S. company in Texas) had the following series of transactions in a foreign country during 2018:Mar.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 customersSept.1 Paid 36,000 pesos to creditorsThe appropriate exchange rates during 2018 were as follows:DateExchange RateMarch 1, 2018$.20 = 1 peso May 1, 2018$.22 = 1 peso August 1, 2018$.23 = 1 peso September 1, 2018$.24 = 1 peso December 31, 2018$.25 = 1 peso ?What amount will Coyote Corp. report in its 2018 balance sheet for Inventory?
What will be an ideal response?
Inventory (60,000 pesos × $.20 × 40%): $ 4,800
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