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During the month of June. Ace Incorporated purchased goods from two suppliers. The sequence of...

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Accounting

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During the month of June. Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June ) Purchased goods for $4,800 from Diamond Incorporated with teens 3/12, 1/45. June 5 Returned goods costing $1,450 to Diamond Incorporated for credit on account June 6 Purchased goods from club Corporation for $1,350 with terne 3/12, 1/45 June 11 Paid the balance owed to Dlanond 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. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Cost of Inventory

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