Addison, Inc If Addison Uses FIFO, the Cost of the Ending Merchandise

question 109

Multiple Choice

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: $\begin{array}{rll}\text { Sep. } 1 & \text { Inventory } & 20 \text { units at } \$ 20 \\4 & \text { Sold } & 10 \text { units } \\10 & \text { Purchased } & 30 \text { units at } \$ 25 \\17 & \text { Sold } & 20 \text { units } \\30 & \text { Purchased } & 10 \text { units at } \$ 30\end{array}$ If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is

• A) $800
• B) $650
• C) $750
• D) $700

Differentiate between direct and indirect (opportunity) costs in decision making.

Critically analyze fallacies in economic reasoning and their implications.

Understand the role and impact of geographical features in shaping the early United States.

Recognize the importance of innovations and developments in transportation and communication in the market revolution.

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Definitions:

Bias

Prejudice in favor of or against one thing, person, or group compared with another, often in a way considered to be unfair.

Prejudice

Preconceived opinion or bias against a person or group without sufficient information or experience, often based on stereotypes.

Criterion Deficiency

A situation where a performance evaluation fails to capture all aspects of job performance, leading to an incomplete assessment.

Criterion Contamination

Occurs when performance appraisals or evaluations include factors irrelevant to the actual job performance, leading to inaccurate assessments.