Solution-Question - Reporting Purchases and Purchase

Question - Reporting Purchases and Purchase Discounts

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Reference no: EM132498298

Question - Reporting Purchases and Purchase Discounts Using a Perpetual Inventory System

During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events was as follows:

Jan. 6 Purchased goods for $2, 100 from Green with terms 2/10, n/30.

Jan. 6 Purchased goods from Munoz for $1, 620 with terms 2/10, n/30.

Jan. 14 Paid Green in full Feb.

Jan. 2 Paid Munoz in full.

Jan. 28 Purchased goods for $530 from Reynolds with terms 2/10, n/45.

Required - Assume that Axen 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: EM132498298

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Question - Reporting Purchases and Purchase Discounts

Reference no: EM132498298

Reference no: EM132498298

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