Question: E6-8 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System (LO 6-3] During the month of June, Ace Incorporated purchased goods from

E6-8 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual

E6-8 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System (LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,900 from Diamond Inc. with terms 2.5/15, n/60. 5 Returned goods costing $1,050 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,400 with terms 2.5/15, n/60. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. 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.) Cost of Inventory

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