The Following Data Applies to a Particular Item of Merchandise

question 61

Multiple Choice

The following data applies to a particular item of merchandise: $\begin{array}{lrr}\text { On hand at start of period } & 300 & \$ 5.10 \\1^{\text {st }} \text { purchase } & 500 & 5.20 \\2^{\text {ndd }} \text { purchase } & 700 & 5.30 \\3^{\text {rd }} \text { purchase } & 600 & 5.50\\\text { Number of units available for sale } & 2,100 \\\text { On hand at end of period } & \underline{500} \\\text { Number of units sold during period } & \underline{1,600}\end{array}$ ? Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the value of inventory on hand at the end of the period would be

• A) $2,730.
• B) $2,570.
• C) $8,390.
• D) $8,410.

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Definitions:

Forced-Choice Method

A trait approach to performance rating that requires the rater to choose from statements designed to distinguish between successful and unsuccessful performance.

Developmental Purposes

Activities or strategies designed to improve individual skills, capabilities, and knowledge, often for professional growth or to enhance performance in current or future roles.

Administrative Purposes

Uses related to the management, organization, and conduct of a business or institution's daily operations.

Peer Evaluations

A process in which individuals assess the work performance and contributions of their colleagues, often used in academic and professional settings to enhance productivity and identify areas for improvement.