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OBS During the months of January and February, Axe Corporation purchased goods from the suppliers....

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Accounting

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OBS During the months of January and February, Axe Corporation purchased goods from the suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,90 fron Green with terms 3/12, 1/45. 5 Purchased goods fron Minor for $1,250 with terms 3/12, 1/45. 14 Paid Green in full. 2 Paid Munoz in full. 28 Purchased goods for $780 fron Reynolds with terns n/45. Feb. Required: Assume that Are 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 liqventory as of February 28

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