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Radical Radials Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 30 Reveals

question 139

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Radical Radials Company has the following inventory data:  July 1 Beginning inventory 30 units at $19$5707 Purchases 105 units at $202,10022 Purchases 15 units at $22330$3,000\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \\7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \\22 & \text { Purchases } & 15 \text { units at } \$ 22 & { 330 }\\&&& { \$ 3,000 }\end{array} A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is

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Definitions:

Batch Processing

The accumulation of transaction data until a certain point is reached, at which time several transactions are processed at once.

Transaction

A process of buying or selling goods or services, or any exchange of value between two or more parties.

Batch Processing

A method of processing data where a group of transactions is gathered over a period and processed together at once.

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