During the months of January and February. Axe follows Corporation purchased goods from three suppliers....
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During the months of January and February. Axe follows Corporation purchased goods from three suppliers. The sequence of events was as Jan. 6 Purchased goods for $908 from Green with terms 3/12, n/45. 6 Purchased goods from Munoz for $1,200 with terms 2.5/12, n/45 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $280 from Reynolds with terms n/45. Required: Assume that Axe uses a perpetual inventory system, were made during January and February. Calculate the cost of inventory as of February 28 the company had no inventory on hand at the beginning of January, and no sales of Inventory
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