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

June 3 Purchased goods for $3,200 from Diamond Inc. with terms 2/10, n/30 

5 Returned goods costing $1,100 to Diamond Inc. for full credit 

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.