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Find cost of inventory During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows:
Find cost of inventory
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 $1,100 from Green with terms 2/15, n/60. 6 Purchased goods from Munoz for $1,000 with terms 2/15, n/60. 14 Paid Green in full Feb 2 Paid Munoz in full 28 Purchased goods for $900 from Reynolds with terms n/60. Required Assume that Axe uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Cost of Inventory$ 2,978Step by Step Solution
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