Get Selected Item Value from Kendo AutoComplete Widget

<!DOCTYPE html>
<html>
<head>
    <meta charset="utf-8">
    <title>Untitled</title>

    <link rel="stylesheet" href="http://kendo.cdn.telerik.com/2015.3.1111/styles/kendo.common.min.css">
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    <link rel="stylesheet" href="http://kendo.cdn.telerik.com/2015.3.1111/styles/kendo.mobile.all.min.css">

    <script src="http://code.jquery.com/jquery-1.9.1.min.js"></script>
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    <script src="http://kendo.cdn.telerik.com/2015.3.1111/js/kendo.all.min.js"></script>
</head>
<body>
    <div id="example">
        <input id="AutoFill_ID" data-role="autocomplete"
               data-placeholder="Department"
               data-selectable="true"
               data-text-field="name"
               data-bind="value: selectedProduct,
                              source: DepartmentSource,
                              visible: isVisible,
                              enabled: isEnabled,events:{select:AutoComplete_Select}"
               style="width: 100%;" />
    </div>
    <script>
        $(document).ready(function () {
            var department = [
        { name: 'HR', id: 1 },
        { name: 'Infrastructure', id: 2 },
        { name: 'Testing', id: 3 }

            ];

            var viewModel = kendo.observable({
                DepartmentSource: new kendo.data.DataSource({
                    data: department
                }),
                selectedProduct: null,
                isVisible: true,
                isEnabled: true,
                selectedPerson: {},
                AutoComplete_Select: function (e) {
                    var item = e.sender.dataItem(e.item.index());
                    viewModel.set("selectedPerson", item);
                    alert(item.name);//get the department name
                },
            })
            kendo.bind($("#example"), viewModel);
        })

    </script>
</body>
</html>