Swifty Limited is trying to determine the amount of its ending inventory as at February 28, the company's year end. The accountant counted everything in the warehouse in early March, which resulted in an ending inventory amount of $202,900. However, the accountant was not sure how to treat the following transactions, so she did not include them in the count. She has asked for your help in determining whether she should or should not include the following transactions in inventory: 1. Feb 1 Swifty shipped $1,840 of inventory on consignment to Banff Corporation. By February 28 , Banff had sold half of this inventory for Swifty. 2. Swifty was holding inventory that it sold to a customer on February 19 but that needed adjustments before the customer would take possession. The inventory cost $980 and the alterations, completed on February 21 , cost $130. The customer plans to pick up the inventory on March 2. 3. 22 Swifty shipped goods FOB shipping point to a customer. The inventory cost $1,500. The appropriate party paid the freight costs of $9. The receiving report indicates that the customer received the goods on March 2. 4. Swifty received $1,590 of inventory on consignment from Craft Producers Ltd. By February 28, Swifty had not sold any of this inventory. 5. Swifty purchased goods FOB shipping point from a supplier. The inventory cost \$1,370. The appropriate party paid the freight costs of \$9. The supplier shippd the goods on February 26 and Swifty received the goods on March 3. 6. Swifty purchased goods FOB destination from a supplier. The inventory cost $1,500. The appropriate party paid the freight costs of $150. The supplier shipped the goods on February 27 and Swifty received the goods on March 4 . 7. Swifty shipped goods costing $1,900 FOB destination to a customer. The appropriate party paid the freight costs of $210. The receiving report indicates that the customer received the goods on March 7. costs of $210. The receiving report indicates that the customer received the goods on March 7. 22 Swifty shipped goods FOB shipping point to a customer. The inventory cost $1,500. The appropriate party paid the freight costs of $9. The receiving report indicates that the customer received the goods on March 2. 23 Swifty received $1,590 of inventory on consignment from Craft Producers Ltd. By Februry 28 , Swifty had not sold any of this inventory. 25 Swifty purchased goods FOB shipping point from a supplier. The inventory cost $1,370. The appropriate party paid the freight costs of $9. The supplier shipped the goods on February 26 and Swifty received the goods on March 3. 26 Swifty purchased goods FOB destination from a supplier. The inventory cost $1,500. The appropriate party paid the freight costs of $150. The supplier shipped the goods on February 27 and Swifty received the goods on March 4. 27 Swifty shipped goods costing $1,900 FOB destination to a customer. The appropriate party paid the freight costs of $210. The receiving report indicates that the customer received the goods on March 7. 28 Swifty had $1,930 of inventory isolated in the warehouse. The company isolated the goods because a customer did not want them shipped until March 5. The customer does not own the goods and will pay for them in March. For each of the situations, specify whether the accountant should include the item in ending inventory, and if so, at what amount. For each item that is not included in ending inventory, indicate who cwns it and what account, if any, the accountant should record the item in, assuming that the company uses a perpetual inventory system. uestion 3 of 9 the gooas on maren 2 4. 23. Swiftyreceived $1.5% ot lewentory on consignment from Craft Producers Ltd. By February 28. Swifty had not sold any 5. 25. Switty purchased goods FOB shipping point from a ruppliee. The inventorycost $1370. The aporopriate party paid the freight costs of $9. The supplier shipped the goods on February 26 and Switty received the goods on March3 6. 26 Swiftypurchased goods FOO destination from a supplier. The inventory cost $1,500. The aporopriate party paid the freight costs of $150. The supplier shipped the goods on Fetruary 27 and Swifty recelved the goods on March4, 7. 27 Swifty shipped goods costing $1,900 FOB destination to a customer. The appropriste party paid the freight costs of $210. The receiving report indicates that the customer received the goods on March 7. indicates that the customer received the goods on March 7. Swity had 51,930 of imentory isolated in the warchouse. The company isolated the goods becaure a customer did not want them shipped until March 5. The customer does not own the goods and will piry for them in March