Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 88

Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

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.