Williams Company Had the Following Balances and Transactions During 2014

question 146

Multiple Choice

Williams Company had the following balances and transactions during 2014: $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & 20 \text { units at } \$ 70 \\\hline \text { June 10 } & \text { Purchased } 30 \text { units at } \$ 80 \\\hline \text { December 30 } & \text { Sold } 15 \text { units } \\\hline \text { December 31 } & \text { Replacement cost } \$ 60 \\\hline\end{array}$$ Williams maintains its records of inventory on a perpetual basis using the first-in, first-out method. Calculate the amount of ending Merchandise Inventory on December 31, 2014 using the lower-of-cost-or-market rule.

• A) $1,800
• B) $2,100
• C) $2,450
• D) $1,400

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Definitions:

Skills

Specific abilities or competencies that individuals possess or acquire, which enable them to perform tasks effectively.

Firm-Specific Human Capital

The unique knowledge, skills, and abilities employees develop that are valuable to a particular organization but not necessarily transferable.

Generic Human Capital

Refers to the broad and universally applicable skills, knowledge, and experience that individuals possess, which can be transferred and applied across various industries and roles.

Generic Human Capital

Skills, knowledge, and abilities possessed by an individual that are not specific to any one job or company, making them valuable across different roles and industries.