E6-9 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System (L03) During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $3,200 from Diamond Inc. with terms 2/10, 1/30 5 Returned goods costing $1,100 to Diamond Inc. for full credit 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30 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. Purchases Less: Purchase returns Cost of inventory as of June 30