Refer to the Table Shown A)3
B)4

question 131

Multiple Choice

Refer to the table shown. The average product when eight workers are employed is:

$\begin{array}{|c|c|}\hline \text { Number of workers } & \text { Total output } \\\hline 1 & 4 \\\hline 2 & 10 \\\hline 3 & 18 \\\hline 4 & 28 \\\hline 5 & 35 \\\hline 6 & 41 \\\hline 7 & 45 \\\hline 8 & 48 \\\hline 9 & 50 \\\hline 10 & 49 \\\hline\end{array}$

• A)3.
• B)4.
• C)5.
• D)6.

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Definitions:

Retail Inventory Method

An accounting method used to estimate the ending inventory and cost of goods sold of a retail company by using a cost-to-retail price ratio.

Days' Sales in Inventory

An economic indicator that calculates the mean duration in days a business requires to sell off its stock.

Specific Identification Method

An inventory valuation method that tracks the cost of each individual item in inventory.

Consignor

The person or entity that owns goods on consignment and sends them to the consignee for sale or display.