FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Assuming that Swifty Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31,
2026.
Ending inventory using the conventional retail inventory method
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Transcribed Image Text:Assuming that Swifty Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026. Ending inventory using the conventional retail inventory method
Presented below is information related to Swifty Inc.
Inventory, 12/31/25
Purchases
Purchase returns
Purchase discounts
Gross sales revenue
Sales returns
Markups
Markup cancellations
Markdowns
Markdown cancellations
Freight-in
Employee discounts granted
Loss from breakage (normal)
Cost
$246,800
$384,500
974,100 1,445,200
59,000
17,800
-
I
42,800
Retail
81,500
1,426,700
98,600
118,000
40,200
45,400
20,000
7,800
4,600
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Transcribed Image Text:Presented below is information related to Swifty Inc. Inventory, 12/31/25 Purchases Purchase returns Purchase discounts Gross sales revenue Sales returns Markups Markup cancellations Markdowns Markdown cancellations Freight-in Employee discounts granted Loss from breakage (normal) Cost $246,800 $384,500 974,100 1,445,200 59,000 17,800 - I 42,800 Retail 81,500 1,426,700 98,600 118,000 40,200 45,400 20,000 7,800 4,600
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