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Question - Swifty Inc. had beginning inventory of $10,890 at cost and $19,800 at retail. Net purchases were $124,212 at cost and $184,200 at retail. Net markups were $11,000, net markdowns were $7,000, and sales revenue was $162,200. Compute ending inventory at cost using the LIFO retail method.
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sales 1600 units beginning inventory 500 units 4 purchases in chronilogical order 600 units 5 800 units 6 400 units 8
Discuss whether you agree or disagree with the position taken by the company or individual. Use generally accepted accounting principles in defending your position.
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