Swifty Inc. had beginning inventory of $11,000 at cost and $19,800 at retail. Net purchases were $122,300 at cost and $184,200 at retail. Net markups were $11,000, net markdowns were $7,000, and sales revenue was $140,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

Swifty Inc. had beginning inventory of $11,000 at cost and $19,800 at retail. Net purchases were $122,300 at cost and $184,200 at retail. Net markups were $11,000, net markdowns were $7,000, and sales revenue was $140,100. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)

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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