Check During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events e follows: 6 Purchased goods for $2,900 from Green with terms 2/10, n/30 6 Purchased goods from Munoz for $2,26e with terms 2/10, n/30 14 Paid Green in full Feb. 2 Paid Munoz in full 28 Purchased goods for $690 from Reynolds with terms 2/10, n/45 Jan. 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. Purchases Less: Purchase discount from Green 58 Cost of inventory as of February 28 $ 2.8

Question
Check
During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events e
follows:
6 Purchased goods for $2,900 from Green with terms 2/10, n/30
6 Purchased goods from Munoz for $2,26e with terms 2/10, n/30
14 Paid Green in full
Feb. 2 Paid Munoz in full
28 Purchased goods for $690 from Reynolds with terms 2/10, n/45
Jan.
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.
Purchases
Less: Purchase discount from Green
58
Cost of inventory as of February 28
$ 2.8
Expand
Transcribed Image Text

Check During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events e follows: 6 Purchased goods for $2,900 from Green with terms 2/10, n/30 6 Purchased goods from Munoz for $2,26e with terms 2/10, n/30 14 Paid Green in full Feb. 2 Paid Munoz in full 28 Purchased goods for $690 from Reynolds with terms 2/10, n/45 Jan. 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. Purchases Less: Purchase discount from Green 58 Cost of inventory as of February 28 $ 2.8

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