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Adam is a member of a research group at a university. One of his tasks as a group member is to present the group's research progress before the university's faculty every month. Even though the dates of the presentations are announced in advance, Adam is never prepared with the complete presentation. As a result, he is often unable to answer questions from the audience after the presentation. Based on this information, it can be said that Adam most likely plays the role of a(n) _____ in his research group.
LIFO
"Last In, First Out," an inventory valuation method where the last items put into inventory are the first ones sold.
Merchandise
Goods purchased by a company for the purpose of selling them to customers, typically referring to products in retail businesses.
Ending Inventory
Ending inventory is the total value of all unsold goods a company has at the end of an accounting period, calculated before the new fiscal period begins.
Retail Method
An accounting method used to estimate the ending inventory and cost of goods sold based on the retail price of merchandise.
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