Tommy CoPrepares Its Estimate of LCM Using the Net Realizable Value

question 26

Multiple Choice

Tommy Co.prepares its estimate of LCM using the net realizable value.Inventory item 101 cost $45 and its current replacement cost is $50.The item is currently selling in the market for $55 and selling costs are estimated to be $6.Tommy expects to earn a profit of $4 on the sale of this item.In its year-end financial statements, Tommy Co.should value this item at:

• A)$50
• B)$45
• C)$49
• D)$55

Describe the content theories of motivation including Maslow's hierarchy of needs, Alderfer's ERG theory, Herzberg's two-factor theory, and McClelland's acquired needs theory.

Understand the role and implementation of skills-based pay systems within team settings and their effect on team performance and skills development.

Understand the definition and types of communication, including verbal, nonverbal, and mixed messages.

Recognize the importance and function of feedback in the communication process.

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Definitions:

Noncooperative Behavior

Actions in a competitive environment where entities act independently without collaboration, potentially leading to less optimal outcomes.

Marginal Costs

The increase in aggregate expenses due to the production of an additional unit of a good or service.

Industry Output

The total production or supply of goods and services produced by a specific industry within a certain period.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.