Fredrick Taylor's work in management was instrumental in using engineering principles to the work performed on the factory floor. This way he established a discipline called Industrial Engineering.
Taylor was a mechanical engineer who wanted to improve efficiency in the industry. He is considered as the father of Scientific Management. Taylor supported giving management more power over the workforce. He set out to make a stronger separation between manual labor and mental(planning) labor (executing work). Management was required to create and provide to the workforce detailed plans that outlined the task and how it was to be completed.
Nevertheless, his system's implementation was frequently despised by the workforce, which led to repeated strikes.
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Interest rate is the cost of borrowing money. when you borrow money from a bank, a certain amount of money is placed on it that you pay back in respect to how long it takes you to pay.
The total budgeted overhead cost for a single unit is $2.26. The calculation of the budgeted overhead is formulated below.
<h3>What is Inventory?</h3>
Inventory is the current asset of a company, which the company sells to generate revenue and profits, the inventory is reported in the statement of financial position in the assets side under the current asset head. The details about the inventory can be checked and reviewed in the notes to the financial statements.
In a service sector company there is no inventory, but a manufacturing and those companies which sell goods have large amount of inventory.
The budgeted overhead can be calculated as:
The total per unit variable cost + Fixed costs per unit.
Calculating fixed cost per unit
$950 / 940 units = $ 1.01
The total per unit variable cost + Fixed costs per unit.
$1.25 + $ 1.01 = $ 2.26
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