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During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $900 from Green with terms 3/12, n/45. 6 Purchased goods from Munoz for $1,200 with terms 2.5/12, n/45. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $200 from Reynolds with terms 2.5/12, n/45. Calculate the cost of inventory as of February 28.
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