During the months of january and february, axe corporation purchased goods from three suppliers. the sequence of events was as follows: jan. 6 purchased goods for $1,200 from green with terms 2/10, n/30. jan. 6 purchased goods from munoz for $900 with terms 2/10, n/30. jan. 14 paid green in full. feb. 2 paid munoz in full. feb. 28 purchased goods for $350 from reynolds with terms n/45. 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.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; organization;

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.