Knowledge, skills, automation and techniques are<u> "Resources in ORM".</u>
The term operational risk management (ORM) is characterized as a persistent cyclic process which incorporates chance appraisal, chance basic leadership, and usage of hazard controls, which results in acknowledgment, relief, or evasion of hazard. ORM is the oversight of operational hazard, including the danger of misfortune coming about because of deficient or fizzled inner procedures and frameworks; human components; or outside occasions.
Answer:
$74,000
Explanation:
The computation of the ending balance in the Work in Process account is shown below:
= Beginning balance in work in process + direct material + direct labor + manufacturing overhead applied - jobs completed and transferred
= $48,000 + $154,000 + $94,000 + $236,000 - $458,000
= $74,000
We simply applied the above formula