During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence
of events was as follows: June 3 Purchased goods for $3,800 from Diamond Incorporated with
teres 2/10,n/30. June 5 Returned goods costing $850 to Dianond Incorporated for credit on
account. June 6 Purchased goods fron Club Corporation for $800 with terms 3/10,n/30. June 11
Paid the balance owed to Dianond Incorporated. June 22 Paid Club corporation in full. Required:
Assume that Ace uses a perpetual inventory system and that the company had no inventory on
hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round
intermediate calculations. Round your answer to 2 decimal places.).
During the month of June, Ace Incorporated purchased goods from two s.pdf
1. During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence
of events was as follows: June 3 Purchased goods for $3,800 from Diamond Incorporated with
teres 2/10,n/30. June 5 Returned goods costing $850 to Dianond Incorporated for credit on
account. June 6 Purchased goods fron Club Corporation for $800 with terms 3/10,n/30. June 11
Paid the balance owed to Dianond Incorporated. June 22 Paid Club corporation in full. Required:
Assume that Ace uses a perpetual inventory system and that the company had no inventory on
hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round
intermediate calculations. Round your answer to 2 decimal places.)
