es E6-8 (Static) Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation 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. Cost of Inventory
es E6-8 (Static) Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation 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. Cost of Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E6-8 (Static) Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual
Inventory System [LO 6-3]
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events
was as follows:
June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30.
June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account.
June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30.
June 11 Paid the balance owed to Diamond Incorporated.
June 22 Paid Club Corporation 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.
Cost of Inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F781f1af7-69e6-4c7d-8249-d093f31f6da6%2F7d62d773-9701-454a-a695-9db453941f83%2Ful3zm6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
E6-8 (Static) Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual
Inventory System [LO 6-3]
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events
was as follows:
June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30.
June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account.
June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30.
June 11 Paid the balance owed to Diamond Incorporated.
June 22 Paid Club Corporation 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.
Cost of Inventory
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