What is meant by 4/5 rule

1 answer:

4 0

The 4/5 rule (80% rule) explanation:

Despite state and federal legislation, people have continued to be denied employment based on race, color, creed, religion, gender, national origin, age, veteran’s status, or disability. Because the basis of some of an employer’s decision could be considered subjective, the Equal Employment Opportunity Commission (EEOC) is charged with measuring the practice and effects of employer hiring practices. A major concern is identified as adverse impact, which is intentionally or unintentionally, the personnel practices and policies of some businesses that have had a disproportionate effect on individuals in classes protected by law. If policies and practices in hiring, transfer, promotion, and firing significantly affect people with protected status, the effect is labeled “adverse impact.” To reduce subjective interpretations of disproportionate, significant affect, and adverse impact, the EEOC has the authority and tools to analyze these practices statistically. Employers with practices deemed as adverse in their impact are subject to consequences in the law.

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Calculate the cost of goods sold using the following information: Direct materials $ 298,500 Direct labor 132,000 Factory overhe

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Answer:

COGS= $680500

Explanation:

The cost of goods sold refers to the direct costs attributable to the production of the goods sold in a company. This amount includes the cost of the materials used in creating the goods along with the direct labor costs used to produce the goods. It excludes indirect expenses, such as distribution costs and sales force costs.

COGS=Beginning Inventory+Production during period−Ending Inventory

We need to calculate the production during the period.

Cost of manufactured period= Beginning work in progress inventory+ direct materials + direct labor + factory overhead - ending work in progress

Cost of manufactured period= 118,500+ 298,500 + 132,000 + 264,000 - 125,900 =$687,100

COGS= 232,100 + 687,100 - 238,700=$680500

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7.3. Explain how a society’s decision to produce capital (i.e., machinery) or consumer goods will impact future growth.

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Production of capital goods will generate future growth

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Consumer goods are goods produced for consumption and cannot be used as inputs for the production of other consumer goods while capital goods are tangible assets such as plant and machinery which are used in the production of goods or services; and such goods and services still serve an input for the production of consumer goods.

Therefore, if a society decides to produce capital goods it will create economic growth because they are seen as economic capital. Countries usually pay attention to capital goods because they play a generating role in the improvement of the productive capacity of a country

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