During the months of January and February, Axe Corporation purchased goods from three suppliers. The...
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Accounting
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows:
January Purchased goods for $ from Green with terms
January Purchased goods from Munoz for $ with terms
January Paid Green in full.
February Paid Munoz in full.
February Purchased goods for $ from Reynolds with terms
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
Cost of Inventory
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