Consider a product with a daily demand of 400 units, a setup cost per production run of $100, a monthly holding cost per unit of $2.50, and an annual production rate of 292,000 units. The firm operates and experiences demand 365 days per year. Suppose that management mistakenly used the basic EOQ model to calculate the batch size instead of using the POQ model. How much money per year has that mistake cost the company?

Answers

Answer 1

The mistake cost the company $6,688 per year.

Given data:

Daily demand (D) = 400 units

Setup cost (S) = $100

Monthly holding cost (H) = $2.5 per unit

Annual production rate (P) = 292,000 units

The formula for basic EOQ is given by,Q = 2DS / H

The formula for the production order quantity (POQ) is given by:

POQ = [2DP / H(1 - D/P)]^1/2

Mistakenly used the basic EOQ model to calculate the batch size instead of using the POQ model.

To calculate the annual cost, we need to use the formula:

Annual cost = Ordering cost + Holding cost = [D/Q]S + [Q/2]H

Given data can be tabulated as below:

Therefore, the annual cost using EOQ model is $35,200, while the annual cost using POQ model is $28,512.The cost difference of using the EOQ model instead of the POQ model is $6,688. Hence, the mistake cost the company $6,688 per year.

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Related Questions

the following information pertains to j company's outstanding stock for 2021: common stock, $1 par shares outstanding, 1/1/2021 12,500 2 for 1 stock split, 4/1/2021 12,500 shares issued, 7/1/2021 5,500 preferred stock, $100 par, 5% cumulative shares outstanding, 1/1/2021 4,500 what is the number of shares j should use to calculate 2021 basic earnings per share?

Answers

The number of shares J should use to calculate 2021 basic earnings per share is 26,875.

To calculate J Company's basic earnings per share (EPS) in 2021, we must first establish the weighted average number of common shares outstanding during the year.

First, we must account for the stock split that took place on April 1, 2021. A 2-for-1 stock split indicates that each share of common stock is split in half, doubling the number of shares outstanding. As a result, the number of common shares outstanding following the stock split is:

12,500 x 2 = 25,000

Then, on July 1, 2021, we must add the amount of common shares issued:

25,000 + 5,500 = 30,500

The entire number of common shares outstanding for the year is now available. We must, however, account for the time period in which the shares were outstanding.

Weighted average shares = (number of months x number of shares outstanding) + (number of months x number of shares outstanding) / 12

12,500 shares were outstanding at the start of the year.

At the end of the year, there were 30,500 shares outstanding.

3 months (January, February, and March) before stock split

9 months following the stock split (April, May, June, July, August, September, October, November, and December)

Average weighted shares = (12,500 x 3) + (30,500 x 9) / 12 = 26,875

As a result, J should utilise 26,875 shares to calculate 2021 basic earnings per share.

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Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Check all that apply.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

Answers

When Jim lost his job, he became unemployed and structurally unemployed.

A person is unemployed if he is within the working age, is willing and able to work but does not have a job.

Types of unemployment

Structural unemployment: this type unemployment occurs when the skills a person has is no longer relevant in the economy. It occurs as a s result of changes in the economy. For example, technological advancement can make a person's job redundant.

Frictional unemployment:  this type of unemployment occurs from when a person leaves his current employment gets another job.  

Voluntary unemployment: a person decides not to work. For example, a factory worker might decide to stop working in order to become a fulltime student.

Cyclical unemployment: it occurs as a result of fluctuations in the economy.

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which product exists in a monopolistically competitive market?

Answers

Numerous businesses provide competitive products or services that are similar but not exact substitutes. A monopolistic competitive market is present.

Clothing and hair salons are two examples of sectors with monopolistic competition. When businesses provide rival goods or services that are comparable but imperfect substitutes, monopolistic competition exists.

A monopolistic competitive industry has low entry requirements, and decisions made by any one firm do not directly affect those of its rivals. The pricing and marketing choices made by the rival companies serve as their points of differentiation.

Between a monopoly and perfect competition, monopolistic competition exists, combines aspects of both, and includes businesses with comparable but distinct product offerings.    

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Answer:

clothing

Explanation:

I learn today that monopolistically competitive is something with varity like cloths there are plenty of options

True or False: When land with an old building is purchased as a future building site, the cost of removing the old building is part of the cost of the new building.

Answers

False,  when land with an old building is purchased as a future building site, the cost of removing the old building is not a part of the cost of the new building.

In cost accounting usually, the price of demolishing the old building is counted separately from the price of building a new one. This is due to the fact that the expense of demolishing the old structure is typically incurred prior to beginning new construction.

The price of demolishing the old structure may also include costs for clearing the site of debris and preparing it for construction. The majority of the time, these expenses are thought of as being part of the site development costs, which are distinct from the construction costs.

Costs associated with utility connections, grading, and excavation can also be included in site development costs. The cost of constructing the new building can then be estimated based on the design and specifications of the building after the site has been cleared and prepared. This price usually includes labor, materials, and any fees or permits required.

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a written document that states how an organization plans to protect the company's information technology assets is a:

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A written document that states how an organization plans to protect the company's information technology assets is called an Information Security Policy.

The written document that states how an organization plans to protect the company's information technology assets is called an information security policy. This policy outlines the procedures, guidelines, and rules that employees must follow to ensure the confidentiality, integrity, and availability of the organization's IT assets. The policy also addresses the risks and threats that the organization faces and the measures that it will take to mitigate them. The information security policy is an essential component of an organization's overall security strategy and helps to ensure that IT assets are protected from unauthorized access, theft, or damage.

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Benny answers questions when he begins car shopping at the mall, three months after he has had his new car, and then a year later. The specific type of survey Benny was involved with was most likely a _____. longitudinal study mall-intercept interview ad-hoc mail survey customer satisfaction survey

Answers

Usage of a vehicle which is a car in the given case and its satisfaction measurement is known by doing option (D): "Customer Satisfaction Survey".

Why is the Customer Satisfaction Survey used?

Customer satisfaction surveys provide detailed information regarding positive and negative opinions, which can help marketers and salespeople improve their efforts.

A customer satisfaction survey may be ineffective unless it generates statistical data that can be analyzed scientifically.

Small business owners utilize customer satisfaction surveys to measure how their organization is viewed by the customers they serve.

A customer satisfaction survey is a marketing tool that companies use to determine how satisfied their customers are with their brand.

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Record the payment of accrued and current salaries.Salaries Expense-7,350Salaries Payable-4,900>Cash-12,250

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To recognise the whole amount of wages earned by the employees for the time period covered by the payment, the Salaries Expense account is debited.

What does the diary entry for accumulating wages look like?

The accrued salaries entry results in a credit to the accrued wages (or salaries) account and a debit to the compensation (or salaries) expenditure account. As a liability account, the accrued wages account can be found on the balance sheet.

What is the accounting entry for salaries paid and paid in full?

What is the salary payable journal entry? Recording salary costs and establishing a liability are both parts of the journal entry for salary payments. Entities are required to record this cost at the end of each month. Due to the fact that there is no cash settlement at the date, increasing current liabilities is mandatory.

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an event that brings together sellers of products and services in a location where they can show these to a group of attendees at a trade show is known as a(n) .

Answers

A trade show is a gathering of people from the same business with the purpose of showcasing, demonstrating, and discussing the newest goods and services. Major trade fairs typically span several days and are held at convention centers in bigger cities.

What is trade show?

A trade fair, often referred to as a trade show, trade exhibition, or trade exposition, is an event put on by businesses in a particular sector to display and demonstrate their most recent goods.

For generations, trade exhibitions have been a vital sales and marketing tool. They give companies the chance to present their products, share information, and discuss market trends in a specially designed setting.

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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).

Cain Company reports net cash provided by operating activities of $35,000. It also reports the following

Answers

It can be seen from the solutions given that Cain's net income is $24,000.

Here is the solution:

Net income = Net cash provided by operating activities - Adjustments

= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000

= $24,000

Therefore, Cain's net income is $24,000.

Here is a breakdown of the adjustments:

To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.

A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.

The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.

A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.

A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.

A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.

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NEED HELP ASAP 10 POINTS
The production, purchase, and sale of goods in a world-wide market is known as the _____.

Answers

Answer:

I think it's global economy

Deferred tax liability, January 1, 2020, $50,000.
Deferred tax asset, January 1, 2020. SO.
Taxable income for 2020, $118.750.
Pretax financial income for 2020. $125,000.
Cumulative temporary difference at December 31, 2020. giving rise to future taxable amounts, $300,000.
Cumulative temporary difference at December 31, 2020. giving rise to future deductible amounts, $43.750.
Tax rate for all years, 20%.
8.
The company is expected to operate profitably in the future.
Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income taxes."
(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Answers

To prepare the income tax expense section of the income statement for 2020, we need to calculate the income tax expense based on the given information. Here's how it can be done:

1. Calculate the taxable income: Taxable income for 2020 is given as $118,750.

2. Calculate the income tax payable: Multiply the taxable income by the tax rate. In this case, the tax rate is 20%. So, the income tax payable is $118,750 * 20% = $23,750.

3. Calculate the change in deferred tax liability and deferred tax asset: The deferred tax liability and deferred tax asset at the beginning of the year are given as $50,000 and SO (unknown), respectively. To calculate the change, we need to consider the cumulative temporary differences.

  a) Calculate the cumulative temporary difference for future taxable amounts: $300,000.

  Multiply the cumulative temporary difference by the tax rate: $300,000 * 20% = $60,000.

  Subtract the beginning deferred tax liability from the result: $60,000 - $50,000 = $10,000. This is the change in deferred tax liability.

  b) Calculate the cumulative temporary difference for future deductible amounts: $43,750.

  Multiply the cumulative temporary difference by the tax rate: $43,750 * 20% = $8,750.

  Subtract the beginning deferred tax asset from the result: $8,750 - SO = $8,750. This is the change in deferred tax asset.

4. Calculate the total income tax expense: The total income tax expense is the sum of income tax payable and the change in deferred tax liability: $23,750 + $10,000 = $33,750.

Now we can prepare the income tax expense section of the income statement for 2020:

Income before income taxes: $125,000

Less: Income tax expense: ($33,750)   [negative amount]

Net Income: $91,250

Note: The income tax expense section shows the income tax expense separately from the income before income taxes to provide clarity on the tax impact on the company's profitability.

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In which type of economy is a business owner most likely to benefit from free enterprise?

Answers

probably would be a democratic system

hope this helps

Answer:

Sole proprietorship

Explanation:

I’m not 100% sure but it’s a sole individual business

Dotty's is a high fashion boutique, owned by entrepreneur Daisy Smith. The
business has been open a year, and specialises in designer outfits for women.
Daisy made the decision to set up the business after working in a high street
chain for five years.
Which of the following does NOT analyse how entrepreneurial skills will enable
Daisy's business to be more financially successful?​

Dotty's is a high fashion boutique, owned by entrepreneur Daisy Smith. Thebusiness has been open a year,

Answers

Answer: By being organized, Daisy will be abke to ensure that her business runs more smoothly and that she has stock in the shop when is is needed and the suppliers are paid on time. This could lower the levels of stress experienced by Daisy and lead to her enjoying a better work life balance.

Explanation:

The option that doesn't analyse how entrepreneurial skills will enable

Daisy's business to be more financially successful is that "By being organized, Daisy will be abke to ensure that her business runs more smoothly and that she has stock in the shop when is is needed and the suppliers are paid on time. This could lower the levels of stress experienced by Daisy and lead to her enjoying a better work life balance".

We should note that while other options shows that there will be an increase in customer, increase in sales and lead her to be more financially successful, this particular option only relates to her work-life balance and not have an impact on her financial stability.

because of financial problems in the organization, the top management of an investment bank decides to lower costs and downsize the business by multiple choice insourcing. restructuring. task assessment. empowerment. delegation.

Answers

The correct term that describes the process of lowering costs and downsizing the business in this scenario is "restructuring."

Restructuring refers to making significant changes in the organization's operations, often including reducing workforce, reallocating resources, and modifying business strategies. Insourcing, on the other hand, is the practice of bringing tasks or operations that were previously outsourced back within the organization.

Task assessment refers to evaluating and analyzing tasks to determine their importance and effectiveness. Empowerment involves giving employees the authority and autonomy to make decisions and take ownership of their work. Delegation is the act of assigning tasks and responsibilities to others.

In the given situation, the top management's decision to lower costs and downsize the business aligns with the concept of restructuring. By implementing this approach, the organization aims to achieve financial stability and improve its overall performance.

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Companies that are employee-owned are commonly thought to be more profitable than are publicly-owned companies or companies with a single owner. If employees have a financial stake in the company, it is in their interest to work harder. If profit goes primarily to stockholders or a small group of owners, employees have less incentive to work hard. Yet, in a comparison of airline companies, Wingspan Airlines, which is entirely employee-owned, has recorded losses for the previous three quarters, whereas Longflite Airlines, which is owned by billionaire Martin Pearson, has recorded record profits for the previous three quarters.Which of the following, if true, best supports the conclusion that employee-owned companies are more profitable than are non-employee-owned companies?A. Wingspan Airlines has recently initiated routes to New Zealand, Australia, and Tahiti.B. Longflite Airlines has been owned by Martin Pearson for only six months.C. A cosmetics company that is entirely employee-owned has, in the last year, increased its market share by 18 percent.D. Profits recorded by Longflite Airlines include profits earned by a subsidiary that manufactures airplane parts, and because of a nationwide drop in airplane travel, all airline companies have chosen to repair their older planes rather than spend dwindling revenues on new planes.E. The employees of Wingspan Airlines voluntarily took pay cuts to give the company a chance to recover, and the employees of Longflite recently went on strike to protest poor working conditions.

Answers

Answer:

D. Profits recorded by Longflite Airlines include profits earned by a subsidiary that manufactures airplane parts, and because of a nationwide drop in airplane travel, all airline companies have chosen to repair their older planes rather than spend dwindling revenues on new planes.

Explanation:

In the given instance it is stated that Wingspan Airlines, which is entirely employee-owned, has recorded losses for the previous three quarters, whereas Longflite Airlines, which is owned by billionaire Martin Pearson, has recorded record profits for the previous three quarters.

This is in conflict with the fact that employee-owned are commonly thought to be more profitable than are publicly-owned companies or companies with a single owner.

The option that justifies this in the given instance is if every company is suffering and making losses but Longflite Airlines (which is owned by billionaire Martin Pearson) is making profit from a subsidiary that manufactures plane parts.

This will give Long life Airlines a clear advantage over other companies including the employee owned Wingspan Airlines.

difference between associative and commutative property

Answers

Answer:

The associative property of addition states that you can group the addends in different ways without changing the outcome. The commutative property of addition states that you can reorder the addends without changing the outcome.

Explanation:

Which industry is the second-largest employer of teens
and young people?
What percentage of employed teens are employed by
the government?​

I got it
is retail trade
and 7%

Answers

Answer:

I. Retail industry

ii. 7%

Explanation:

Retail industry is the second largest employers of teen and young people next to health sector which is the largest employer.

Retailing involves buying goods either from the producers or wholesaler and selling them to the final consumers. Some services are also offered in these retailing such as call center representative, those who work in innovation lab. etc

In the United States, about 7% of teens and young people are in the employment of government , while retail industry is the largest employer of teen and young people because it provides flexibility and also do not involve much academic qualifications.

Example of these retail jobs are those who work in call center, sales representatives and those who works in stores.

Answer:

Retail Trade

7%

Explanation:

Edge 2020

what is the difference between a credit report and a credit score?

Answers

Your credit report summarizes  your credit history for potential lenders and creditors. Your credit score is a three-digit number that ranges from 300 to 850 and represents your overall credit risk at a glance.

What do you mean by credit report?

A credit report is a declaration that contains details about your credit background and current credit situation, including information on how well you've paid your debts and the condition of your credit accounts.

Lenders will pay close attention to your credit score when you apply for the majority of loans. This three-digit number is crucial in determining whether you qualify for loans, credit cards, apartment rentals, and other financial products.

Therefore, Your credit report summarizes your credit history for potential lenders and creditors. Your credit score is a three-digit number that ranges from 300 to 850 and represents your overall credit risk at a glance.

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Enterprising people will make good office workers.
A.True
B. False

Answers

Answer:

A.True

Explanation:

Enterprising means having or showing initiative and resourcefulness making it helpful in a office.

It’s a it’s trueeeeeeee

All financial statements are important, but most managers tend to have one that they look to first. If you were a potential contributor or investor looking at the financial statements of a local regional medical center, which document would you start with? Explain why.

Answers

While other financial statements like the Balance Sheet and Cash Flow Statement are important for a comprehensive analysis of the medical center's financial position and cash flow, the Income Statement is a starting point that provides a clear picture of the medical center's revenue, expenses, and profitability.

If I were a potential contributor or investor looking at the financial statements of a local regional medical center, the document I would start with is the Income Statement, also known as the Statement of Operations or Profit and Loss Statement.

The Income Statement provides a summary of the medical center's revenues, expenses, and net income (or loss) over a specific period, typically on an annual or quarterly basis. Here's why I would choose to start with the Income Statement:

1. Overall Financial Performance: The Income Statement gives an immediate snapshot of the medical center's financial performance. It shows whether the medical center is generating a profit or incurring a loss. By looking at the net income (or loss), I can assess the financial health and profitability of the medical center.

2. Revenue Breakdown: The Income Statement breaks down the medical center's revenue sources. This allows me to understand the composition of the revenue streams, such as patient services, insurance reimbursements, government funding, or other sources. Evaluating the revenue mix helps me gauge the diversity and stability of the medical center's income sources.

3. Expense Analysis: The Income Statement provides a breakdown of various expense categories, such as personnel costs, supplies, facility expenses, and administrative costs. Analyzing the expense structure allows me to understand the medical center's cost management and efficiency. It helps identify areas of potential cost reduction or areas where expenditures may be increasing disproportionately.

4. Profitability Ratios: Using the information from the Income Statement, I can calculate key profitability ratios such as gross profit margin and net profit margin. These ratios provide insights into the medical center's ability to generate profits from its operations, allowing me to compare its financial performance with industry benchmarks or similar healthcare organizations.

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which career is likely to earn the high salary

Answers

Answer: Your welcome!

Explanation:

The career that is likely to earn the highest salary depends on a variety of factors, such as the individual's qualifications and experience, the industry they work in, and the specific job they hold. Generally, some of the highest-paying careers include doctors, lawyers, software engineers, and financial analysts. These careers usually require extensive education and training and can offer very high salaries. Other potential high-paying careers include investment bankers, business executives, and software developers.

Taking the external costs of using refrigerators into account: 950- Spublic Spate 900 850- 800 750 700 650 E (45,000,650) 600- 550 10,000 30,000 50,000 70,000 Refrigerators Increases the equilibrium price and reduces the quantity demanded. Causes the supply curve to shift up and to the left. Increases the equilibrium price and quantity demanded. Causes the supply curve to shift down and to the right. Price ($) (40,000,700) E

Answers

Taking the external costs of using refrigerators into account has the effect of increasing the equilibrium price and reducing the quantity demanded.

This is because the external costs impose additional expenses on consumers and decrease their willingness to pay for refrigerators. The supply curve shifts up and to the left, reflecting the higher costs associated with producing refrigerators due to the external costs. When external costs, such as environmental or social costs, are considered in the analysis of using refrigerators, it leads to an increase in the overall costs associated with their production and usage. This increase in costs affects the supply of refrigerators in the market.

As a result, the supply curve shifts up and to the left, indicating a decrease in the quantity supplied at each price level. This shift reflects the higher expenses incurred by producers due to the external costs associated with refrigerators. The higher costs faced by producers translate into an increase in the equilibrium price. With a higher price, consumers are less willing to purchase refrigerators, resulting in a decrease in the quantity demanded. The reduction in quantity demanded is a response to the higher overall costs and the decreased value consumers associate with refrigerators due to the external costs involved.

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Elle is in high school and wants to have job until she graduates. Which job would she be most qualified for until she graduates high school?
O Purchasing Agent
O Cashier
O Sales Agent
O Interviewer

Answers

I think it’s cashier

First of all we should understand the nature of job of Purchasing Agent, Cashier, Sales Agent and an Interviewer to decide which option should Elle would be most qualified for until she graduates high school.

Who is a Purchasing Agent?

The persons who buy the parts and materials that help in the production of goods are called purchasing agents or purchasers.

Buyers and purchasing agents review the history and quality of the suppliers before making the purchase. They should be qualified enough to consider price, quality, availability, reliability, and technical support when choosing suppliers and merchandise.

Who is a Cashier?

A cashier is a person who handles the cash register at various locations such as the point of sale in places such as shops or banks.

He is also known as teller, accountant, clerk, treasurer. Only qualified and skilled persons can perform the role of cashier.

Who is a Sales Agent?

A person hired by any company to sell its products or services is known as Sales agent.

A sales agent take orders, offer services and provide support in person and via telephone or internet. This job can be done with little training and less qualification.

Who is an Interviewer?

A person who conducts an interview to hire the candidates is known as Interviewer. To be an interviewer, a person needs to be well qualified with great communication skills.

So, the best role that Elle can take up until she graduates is that of a Sales Agent.

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Identify two objectives that the managers might set for BPM, apart from profits and returns to shareholders

Answers

increase market share and increase the size of the firm.

A trust established by your will that becomes effective upon your death is called a(n) ____________ trust.
testamentary
living
irrevocable
revocable

Answers

Answer:

testamentary trust is the answer.

Answer: hello, your answer would be TESTAMENTARY

Explanation:

i just finished the test and got it right

Over five quarters, revenue generated by Alpha Enterprises was: 10, 14, 12, 16, 20. Using the exponential smoothing technique, calculate smoothed values for the 2nd, 3rd, 4th, and 5th quarters given that
a = 0.5: a. 12, 13, 14, 18
b. 12, 12, 14, 17
c. 12, 14, 16, 18
d. 12, 14, 16, 20

Answers

To calculate the smoothed values using exponential smoothing, we start with the first observed value and then apply the smoothing formula:

k

Smoothed Value = α * Current Value + (1 - α) * Previous Smoothed Value

Given the following revenue values: 10, 14, 12, 16, 20 and α = 0.5, we can calculate the smoothed values for the 2nd, 3rd, 4th, and 5th quarters as follows:

1st Quarter: Smoothed Value = 10 (Since it's the first observed value)

2nd Quarter: Smoothed Value = 0.5 * 14 + 0.5 * 10 = 12

3rd Quarter: Smoothed Value = 0.5 * 12 + 0.5 * 12 = 12

4th Quarter: Smoothed Value = 0.5 * 16 + 0.5 * 12 = 14

5th Quarter: Smoothed Value = 0.5 * 20 + 0.5 * 14 = 17

The smoothed values for the 2nd, 3rd, 4th, and 5th quarters are: 12, 12, 14, 17.

The correct answer is option b: 12, 12, 14, 17.

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when suzanne doesn’t make the soccer team, it acts as an activating event in her life, which leads her to believe that she is not good at sports and results in her not trying out for any other teams that year. a therapist working with suzanne would help her to change her beliefs to the activating event may results in a different outcome. what kind of psychotherapeutic orientation does this exemplify?

Answers

According to Infurna & Gerstorf (2014), perceived control is our beliefs about our individual capacity to influence and shape outcomes. It has significant effects on our health and happiness.

Which is an illustration of making hasty judgments?

Shiloh has extreme thoughts, such as "I will die alone," and she didn't get a date to Homecoming. assist individuals in becoming more self-aware and self-accepting.

What does it imply to leap to that conclusion?

to make educated guesses about the circumstances of a situation: Don't make hasty judgments! He was probably dancing with his daughter. assuming, speculating, and guessing.

What is a jump to the conclusion?

Officially known as the jumping conclusion bias, it is also known as the inference-observation confusion. Jumping to conclusions is a psychological term for a communication problem where one "judge[s] or decide[s] something without having all the facts;" to draw unjustified conclusions"

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During January, Ajax Co. Incurs 1,850 hours of direct labor at an hourly cost of $11.80 in producing 1,000 units of its finished product. Ajax standard labor cost per unit of output is $22 (2 hours x $11.00). Compute the total, price, and quantity labor variances for Ajax Co. For January. Identify whether the variance is favorable or unfavorable?

Answers

Answer:

Std rate per hour: 11.00    

Std hours = 1000*2 =2000    

Actual hours = 1850      

Actual rate = 11.80

   

Labor cost variance = Std cost - Actual cost    

Labor cost variance  = (2000*11) - (1850*11.80)

Labor cost variance = 170 Unfavorable

Labor rate variance = Actual hrs (Std rate - Actual rate)  

Labor rate variance = 1850 *(11-11.80)

Labor rate variance = 1480 Unfavorable

Labor qty variance = Std rate (Std hrs-Actual hrs)  

Labor qty variance = 11 (2000-1850)

Labor qty variance = 1650 Favorable.


Li would like to know what "managing up" means in the context of her being an HR professional.

How would
you briefly define "managing up" to Li?

Answers

In the context of being a HR professional, managing up would have to do with the management of the employees that are in an organization in terms of hiring and ensuring good conduct.

Who is a HR professional?

The five key responsibilities of human resources include managing talent, pay and benefits for employees, training and development, compliance, and workplace safety. By efficiently managing the employee lifecycle, an HR department may assist in providing organizational structure and the capacity to satisfy business demands.

They act as a conduit between potential employees and the businesses hiring. While some businesses utilize outsourcing techniques, others establish a human resources department under the direction or control of an HR manager.

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Part C
Research online and Identify at least five skills that an administrator working for an automobile dealership would need. You can refer to job
descriptions provided by recruitment agencies. How do you think these skills will help newly appointed administrators to perform their job?

Answers

Answer:

Here are five key skills that an administrator in an automobile dealership would need:

Communication/interpersonal skills: Administrators would have to work with clients that come in for test drives. Having good interpersonal skills would help them respond to customers’ queries more effectively. A friendly and outgoing personality would make them more approachable for the customers. An ability to speak and understand multiple languages would help an administrator deal with customers who are not fluent in English. An administrator must be able to communicate effectively, both verbally and through nonverbal cues.

Organizational skills: Administrators need to be well organized in their work involving customers. They would be required to schedule and organize test drives, arrange meetings, keep a record of customers’ documents, handle car insurance matters, and provide other assistance to customers.

Prioritize: Administrators would have to handle several tasks (described earlier), so they should be able to prioritize and schedule tasks effectively.

Manage: An administrator would have to manage the daily operations, such as ensuring that customers submit authentic documents, making appointments, and scheduling test drives. The administrator is also responsible for managing employee behavior, safety, and compliance with the company’s policies.

Reasoning and mathematical skills: An administrator would need to have above-average mathematical skills in order to maintain the company’s accounts dealing with sales and servicing. The person would need logical reasoning skills to facilitate decision making and process management.

Explanation:

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