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Alja [10]
3 years ago
9

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur

chased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit on account. 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.
Business
1 answer:
Tems11 [23]3 years ago
7 0

Answer:

$3,918

Explanation:

Calculation the cost of inventory as of June 30

Purchases [$4,100+1000] $5100

(Less): Returns ($1100)

(Less): Discount [4100 x 2%] ($82)

Cost of inventory $3,918

Therefore the cost of inventory as of June 30 will be $3,918

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