E6-9 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:

what is the total cost of inventory?

June 3	Purchased goods for $3,400 from Diamond Inc. with terms 2.0/12, n/45.
5	Returned goods costing $1,150 to Diamond Inc. for full credit.
6	Purchased goods from Club Corp. for $1,350 with terms 2.5/12, n/45.
11	Paid the balance owed to Diamond Inc.
22	Paid Club Corp. in full.