Answer: Budgeting helps to plan, coordinate , delegate responsibility and enhancing clarity in pursuit of an organisation.
Explanation: Every budgets is principally prepared to achieve a set target but there some limitations which makes it difficult for some companies to prepare and follow through with a budgeted plan action. Some of these limitations at any given point in time affect the activities of the organisation. It may be traced to Production capacity, shortage of labour, materials, space, Finance and customer demand. This limitation can at any point in time affect the overall plan of the organisation making it difficult to achieve their set target .
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Assume that skilled labor costs twice as much as unskilled labor, a profit maximizing firm will hire until the marginal product of unskilled labor is half that of skilled labor.
A profit maximizing firm is a firm that tries to create products that are of good quality at the barest or smallest cost.
The marginal product falls after an additional amount of the resource has been added. It is the extra amount that is gained due to the addition of an extra unit.
Due to the fact that both the skilled and unskilled would decrease eventually, the company would have to hire both at equal marginal products.
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Answer: Cost of Goods sold
Explanation:
Common size analysis refers to making all entries in the income statement, a percentage of sales for that year.
Current Year Prior Year
Sales 100% 100%
Cost of Goods sold 75.7% 46.5%
Gross Profit 24.3% 53.5%
Operating expenses 17.3% 35%
Net Income 7.0% 18.5%
<em>Looking at the percentages above, one can see that the COGS increased the most from the previous year by going from 46.5% to 75.7% representing an increase of 29.2%.</em>
<em>This had the most impact on Net income as it substantially reduced Gross profit. </em>
