Problemduring the month of june ace incorporated purchased, Ask an Expert

Accounting

Problem

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

June 3 Purchased goods for $4,000 from Diamond Inc. with terms 3.0/12, n/45.
5 Returned goods costing $950 to Diamond Inc. for full credit.
6 Purchased goods from Club Corp. for $900 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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92753524

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