E$6-8($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 $30.$