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Razor Technologies reported $106,000 of income for the year by using variable costing. The company had no beginning inventory, planned and actual production of 50,000 units, and sales of 47,000 units. Standard variable manufacturing costs were $15 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, income under absorption costing would be:
Level 5 Leadership
The paradoxical combination of personal humility and professional will that makes a potent formula for the highest level of leadership success. Personal humility refers to consideration and service to others; professional will refers to conviction and fierce resolve. Together, these define the caring leader who is able to catapult a group or an organization from merely good to truly great. See caring leadership.
Personal Humility
The quality of having a modest or low view of one's own importance, often enhancing leadership by focusing on others' success.
Professional Will
A document that outlines a professional's intentions and instructions for managing their responsibilities and affairs in the event of their sudden incapacity or death.
Failing Organizations
Refers to companies or entities that are unable to achieve their goals or sustain stable operations, often leading to financial distress or organizational collapse.
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