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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 6 Purchased goods for $1,200 from Green with terms 210,n30.
January 6 Purchased goods from Munoz for $900 with terms 210,n30.
January 14 Paid Green in full.
February 2 Paid Munoz in full.
February 28 Purchased goods for $350 from Reynolds with terms n45.
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 28.
Cost of Inventory
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