Radical Radials Company Has the Following Inventory Data A Physical Count of Merchandise Inventory on July 31 Reveals

question 4

Multiple Choice

Radical Radials Company has the following inventory data: $$\begin{array} { r l r r } \text { July } 1 & \text { Beginning inventory } & 30 \text { units at } \$ 19 & \$ 570 \\7 & \text { Purchases } & 105 \text { units at } \$ 20 & 2,100 \\22 & \text { Purchases } & 15 \text { units at } \$ 22 &330\\&&&\$3,000\end{array}$$ A physical count of merchandise inventory on July 31 reveals that there are 48 units on hand.Using the LIFO inventory method the amount allocated to ending inventory for July is

• A)$930
• B)$912
• C)$960
• D)$1056.

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Definitions:

Quantity Demanded

Quantity demanded is the amount of a good or service consumers are willing and able to purchase at a specific price level within a given time period.

Price

The amount of money required to purchase a good or service, determined by factors like supply and demand, production costs, and market competition.

Normal Good

A type of good for which demand increases when consumer income rises and decreases when consumer income falls.

Income

Money received, especially on a regular basis, for work or through investments.