compromising standards of labor performance. (T) 4. Increases in sales volume tend to improve labor productivity. (T) * As his efficiency increase‚ the cost of labor per unit produced actually decrease. * Increase in sales volume results in greater employee efficiency at lower labor cost per unit 5. The key to successful labor cost control is paying the lowest possible dollar wage.(F) May use of part-time staff‚ outsourcing 6. The local minimum wage is an amount set by a group of
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Period 7 Cost of College In 1983‚ the tuition per term at the University of Oregon was $321. There were three terms per year. In the year 2005‚ the cost of tuition at the University of Oregon is $5853 per year‚ or $1951 per term. This growth in the cost of tuition can be modeled by an exponential function: y = a(b)x. The variable y represents the cost of tuition per term‚ and the variable x corresponds to the number of years that have passed since the initial year. To find this exponential
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Cost leadership Strategy Strategy used by businesses to create a low cost of operation within their niche. The use of this strategy is primarily to gain an advantage over competitors by reducing operation costs below that of others in the same industry. For example‚ The Swedish furniture retailer Ikea revolutionized the furniture industry by offering cheap but stylish furniture. Ikea is able to keep its prices low by sourcing its products in low-wage countries and by offering a very basic level
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Costs of Corrections in the United States Did you know that 23 states prison systems are operating at over 100% capacity? "The increases in drug imprisonment‚ the decrease in releases from prison‚ and the re-incarceration for technical parole violations are leading to significant overcrowding and contribute to the growing costs of prisons. Prisons are stretched beyond capacity‚ creating dangerous and unconstitutional conditions which often result in costly lawsuits. In 2006‚ 40 out of
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pre-determined cost structure to account for and control expenses. WaMu primarily realizes transaction costs‚ fixed costs‚ and variable costs. Because WaMu doesn’t provide free services per-say‚ the sunk costs of the structure are fairly minimal. Transaction costs constitute the next smallest portion of WaMu’s cost structure. WaMu is free of infrastructure based transaction costs like those that smaller retailers who use point of sale services might incur. The primary transaction costs are the commissions
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Costs and budgets The management of costs is a very important aspect of managing financial resources. If costs are not managed effectively‚ it can lead to profits being damaged and the business potentially unable today its expense. Keeping within a budget‚ increasing income in order to cope with change and making sure that working capital is available and money and set aside for emergencies is all part of the balancing exercise. Costs managed to budget McDonald’s budget was adverse as there
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be reused foraging future batches of bourbon whiskey but could be sold to used barrel dealers for $1 each at the end of the aging period. * The increased production in 1988 necessitated the leasing of an additional warehouse at an annual rental cost of $200‚000. The temperature and humidity of the warehouse space had to be controlled since the quality of the whiskey could be ruined by its aging too fast or too slowly. * A small amount of liquid was removed from representative barrels at this
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1. Discuss internal‚ domestic and global environments of business revealed by this case. Answer: Internal/domestic environments a) The business decision making process in Indian govt. sector is pretty slow which leads to unnecessary loss of time and money. In this case‚ the slow process lead the to loss of opportunity to buy a firm (premier Oil) b) There are much more than required levels of clearances that needs to be taken to acquire a company abroad. Application is reviewed
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Cost accounting deals with ascertainment ‚ allocation ‚ apportionment accounting aspect of costs.Management accounting deals with the effect and impact of costs on the business. 2. Cost accounting provides a base for management accounting whereas management accounting is derived from cost accounting and financial accounting. 3. Cost accounting does not include financial accounting ‚ tax planning and tax accounting. Management accounting includes financial and cost accounting ‚ tax accounting
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Chapter 14 - Operational Performance Measurement: Sales and Direct-Cost Variances‚ and the Role of Nonfinancial Performance Measures 14-1 Pet Groom & Clean (PG&C) David Green is considering his operating statement for 2010‚ which is displayed in the table below. David is the manager of store number 88‚ where he began as one of the staff 6 years ago‚ and through hard work has risen to become manager of the store. The operating report shows his budgeted performance for the year and the actual results
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