Jan. 6 Purchased goods for $2,100 from Green with terms 2/10, n/30.6 Purchased goods from Munoz for $800 with terms 2.5/10, n/30.14 Paid Green in full.Feb. 2 Paid Munoz in full.28 Purchased goods for $300 from Reynolds with terms n/30.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.How would you compute the cost of inventory

During July, the following purchases and sales were made by Martine Company. There was no beginning inventory. Martine Company uses a perpetual inventory system. % Date July 3 11 O $860 O $1,039 Under the FIFO method, the cost of goods sold for the sale is: (Hint: Make sure to list all transactions in chronological order.) 5 20 O $1,103 O $1,089 Y O $1,287 4- A ▬ Purchases 50 units @ $10 50 units @ $11 21 units @ $13 Accounting Transactions Date July 13 22 Search the web A+ & 7 fa IAA * fg 0 DII (hp DDI Sales 78 units 21 units prt sc

Wildhorse Company commenced operations on July 1. Wildhorse Company uses a periodic inventory system. During July, Wildhorse Company was involved in the following transactions and events: July 2 Purchased $14,600 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point. 3 Returned $1,200 of merchandise to Suppliers inc. as it was damaged. Received a credit on account from Suppliers 4 Paid $590 of freight costs on July 2 shipment. 8 Sold merchandise for $3,000 cash. 11 Paid Suppliers Inc. the full amount owing 15 25 2 NG Sold merchandise for $6,400 on account, 1/10, n/30, FOB shipping point. Received full payment for the merchandise sold on July 25. 31 Wildhorse did a physical count and determined there was $10.100 of inventory on hand. Record the transactions in Wildhorse Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and…

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