During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events was as follows:

Jan.		6		Purchased goods for $2,600 from Green with terms 2/10, n/30
		6		Purchased goods from Munoz for $2,020 with terms 2/10, n/30
		14		Paid Green in full
Feb.		2		Paid Munoz in full
		28		Purchased goods for $630 from Reynolds with terms 2/10, n/45

Required: Assume that Axen uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28.

Subject

financial accounting