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28,987 Inventory under the conventional retail method $

28,987 Inventory under the conventional retail method $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 9-12 As of January 1, 2017, Swifty Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Cost $33,000 96,328 2,800 Selling Price $42,800 9,800 9,800 6,000 3,200 152,400 151,900 4,100 7,700 Compute Swifty's June 30, 2017, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Inventory under the conventional retail method $
Transcribed Image Text:Problem 9-12 As of January 1, 2017, Swifty Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances Cost $33,000 96,328 2,800 Selling Price $42,800 9,800 9,800 6,000 3,200 152,400 151,900 4,100 7,700 Compute Swifty's June 30, 2017, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Inventory under the conventional retail method $
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