Steve Works as a Materials Scientist for a Paint Manufacturer

question 100

Multiple Choice

Steve works as a materials scientist for a paint manufacturer. He has developed a material that does not work well in paint, but it could have applications as a deck sealant. Steve has been made the team lead for a group of scientists tasked with determining some marketable uses for the new material. The group could be referred to as

• A)a spin-off.
• B)a skunkworks.
• C)bootleggers.
• D)horse traders.
• E)delegates.

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Definitions:

Perpetual Inventory System

A system for tracking inventory accounting that instantly logs each sale or acquisition of inventory through computerized point-of-sale systems and software for managing enterprise assets.

LIFO

A rephrased definition: An accounting approach to inventory and cost of goods sold valuation that assumes the most recently acquired items are the first to be sold.

Ending Inventory

The value of goods available for sale or use at the end of an accounting period.

Net Realizable Value

The projected sales price of products subtracted by the cost associated with their sale or disposal.