Purchase discounts using perpetual inventory system

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Reference no: EM13826924

During the pliers. The

Jan. 6 6 14 Feb.2 28

Required:

Months of January and February, Axe Corporation purchased goods from three sup- sequence of events was as follows:

Purchased goods for $1,200 from Green with terms 2/10, n/30. Purchased goods from Munoz for $900 with terms 2/10, n/30. Paid Green in full. Paid Munoz in full.

Purchased goods for $350 from Reynolds with terms 2/10, n/45.

Beginning

Total

Ending

Cost of

Income from

A $800 B 900 200 700 ? ? ? ? 150 0 C ? 100 ? ? 200 200 400 150 ? D 800 ? 600 ? 300 ? ? 250 100

$100

$700

$500

$ ?

E6-7 Reporting Purchases and Purchase Discounts Using a Perpetual Inventory System

$200

$ ?

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.

Reference no: EM13826924

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