During the month of june ace incorporated purchased goods, Ask an Expert

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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 $3,400 from Diamond Inc. with terms 2.0/12, n/45.

5 Returned goods costing $1,150 to Diamond Inc. for full credit.

6 Purchased goods from Club Corp. for $1,350 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 intermediate calculations. Round your answer to 2 decimal places.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92046527

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