Calculating the Cost of Ending Inventory Sunset Surfwear sells wet suits. On January 2 there were 21 wet suits at a total cost of $4,809 in inventory. Date Description Wet Suits Cost Total Jan. 2 Beginning inventory 21 $229 $ 4,809 Jan. 3 Purchase 10 235 2,350 Mar. 17 Purchase 6 238 1,428 July 27 Purchase 12 240 2,880 Sept. 27 Purchase 10 241 2,410 Nov. 29 Purchase 6 244 1,464 Total 65 $15,341 At the end of the year, there were 17 wet suits in ending inventory. Of these, 1 was purchased on July 27, 10 were purchased on September 27, and 6 were purchased on November 29. Instructions Assign a cost to the ending inventory using the following: a. the specific identification method b. the FIFO method c. the LIFO method d. the weighted average cost method
Subjective measures in performance measurement are measures where judgement is involved If you only care about work outcomes then you set up a quantitative measurement Either made the sale or they didn't If you care about how well someone did it, you need to look at quality - subjective measures Management is about taking the performance score of someone and communicating with them to improve performance Can't do problems Ability deficiencies Won't do problems Motivational in nature Training is only the answer if it’s a can't do issue You have to terminate if you can't fix the problem Evaluation Accuracy Subjective ratings are the most common because they are the most comprehensive Primacy effect - when first impression drives the rest of the performance rat
