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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 on 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:
Problem 1: 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.
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