A Company Has Inventory of 10 Units at a Cost

question 56

Multiple Choice

A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, they purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO periodic inventory method, what is the cost of the 12 units that were sold?

• A)$120
• B)$124
• C)$128
• D)$130
• E)$140

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Definitions:

Katz's Model

A theory developed by Robert Katz that identifies three essential skills for effective leadership: technical, human, and conceptual.

Technical Skills

The expertise and competence required to perform specific tasks, often involving practical use of complex systems or equipment.

Skills Model

A framework that identifies a set of capabilities or skills critical to effective leadership, often including technical, conceptual, and human skills.

Competency

A measurable pattern of knowledge, skills, abilities, behaviors, and other characteristics that an individual needs to perform work roles or occupational functions successfully.