Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods were on hand. In addition, the following items were not included in the physical count. Swifty determined that $96000 of goods purchased were in transit. The goa were shipped f.o.b. destination and were received by the company three days after the inventory count. The company had also sold $40000 worth of inventory that was shipped f.o.b. destination and had not been received by the buyer as of year-end. What amount should Swifty report as inventory at the end of the year? O $882000 © $040000
Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods were on hand. In addition, the following items were not included in the physical count. Swifty determined that $96000 of goods purchased were in transit. The goa were shipped f.o.b. destination and were received by the company three days after the inventory count. The company had also sold $40000 worth of inventory that was shipped f.o.b. destination and had not been received by the buyer as of year-end. What amount should Swifty report as inventory at the end of the year? O $882000 © $040000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Swifty Inc. took a physical inventory at the end of the year and determined that $842000 of goods were on hand. In addition, the
following items were not included in the physical count. Swifty determined that $96000 of goods purchased were in transit. The goods
were shipped f.o.b. destination and were received by the company three days after the inventory count. The company had also sold
$40000 worth of inventory that was shipped f.o.b. destination and had not been received by the buyer as of year-end. What amount
should Swifty report as inventory at the end of the year?
O $882000
$842000
Ⓒ$978000
$938000 15
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