Diligent Ltd Had 5 Units of the Commodity Algo on Hand

question 18

Multiple Choice

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of ending inventory of Algo, using the LIFO assumption in a periodic inventory system?

• A) $1580
• B) $1480
• C) $1460
• D) $1590

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Definitions:

Flexibility

The quality of being able to adapt to new, changing, or emerging conditions, especially in the context of work arrangements and labor markets.

Just Cause Clause

A provision in a contract that restricts an employer's ability to fire employees to situations where there is a legitimate, substantial reason for termination.

Arbitrary Dismissal

Termination of employment without just cause, or in violation of legal or contractual requirements.

Contract Provisions

Specific clauses or terms included in a contract that dictate the obligations, rights, and responsibilities of the parties involved.