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What amount will Coyote Corp. report in its 2018income statement for Sales

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What amount will Coyote Corp. report in its 2018income statement for Sales?

Answer:

Sales (54,000 pesos × $.22) =$11,880

Learning Objective: 09-02

Topic: Foreign currency transactions―Not hedged

Difficulty: 2 Medium 

Blooms: Apply

AACSB: Knowledge Application

AACSB: Diversity

AICPA: BB Global

AICPA: FN Measurement

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What amount will Coyote Corp. report in its 2018balance sheet for Inventory

Assuming this is a cash flow hedge; prepare journal entries for this sales transaction and forward contract