Please do not give solution in image format thanku Problem 9-12As 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, January1MarkdownsMarkupsMarkdowncancellationsMarkupcancellationsPurchasesSales revenuePurchase returnsSales returns andallowancesCost$33,00096,3282,800SellingPrice$42,8009,8009,8006,0003,200152,400151,9004,1007,700Compute 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 $

The basis for the conventional retail inventory approach is the correlation between the cost of a…

Answered: 28,987 Inventory under the conventional…

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28,987 Inventory under the conventional retail method $

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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