During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of...
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Accounting
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June Purchased goods for $ from Diamond Incorporated with terms n
June Returned goods costing $ to Diamond Incorporated for credit on account.
June Purchased goods from Club Corporation for $ with terms n
June Paid the balance owed to Diamond Incorporated.
June 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 Do not round intermediate calculations. Round your answer to decimal places.
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