Calculate the cost of inventory as of june

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Question - During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

June 3 Purchased goods for $4,200 from Diamond Incorporated with terms 3/12, n/45.

June 5 Returned goods costing $1,150 to Diamond Incorporated for credit or account.

June 6 Purchased goods from Club Corporation for $1,050 with terms 3/12, n/45.

June 11 Paid the balance owed to Diamond 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.

Reference no: EM133187999

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