E7 15 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System LO 7 5 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 Inc with terms 3 0 12, n 45 5 Returned goods costing $1,200 to Diamond Inc for full credit 6 Purchased goods from Club Corp for $200 with terms 2 5 12, n 45 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 your intermediate calculations Round your answer to the nearest whole dollar amount )

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Question: E7-15 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 7-5] During the month of June, Ace Incorporated purchased goods from

E7-15 Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 7-5]

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 Inc. with terms 3.0/12, n/45.
5	Returned goods costing $1,200 to Diamond Inc. for full credit.
6	Purchased goods from Club Corp. for $200 with terms 2.5/12, n/45.
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 your intermediate calculations. Round your answer to the nearest whole dollar amount.)

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