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Answer the following question(s) using the information below:
The tool crib at a large manufacturing company is responsible for providing tools to the factory workers on demand.The tool crib has a variable demand.Historically, its demand has ranged from 150 to 250 small tools per day with an average of 200.Diane, the tool crib attendant, works eight hours a day, five days a week.Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins.
-What is the tool crib cycle time for an order?
Vacation Pay Expense
Represents the cost to an employer for employees' earned but not yet taken vacation time, recognized as a liability.
Operations Year
The 12-month period used by businesses to measure financial and operational performance, often aligning with the fiscal year but not necessarily the calendar year.
Defined Contribution Plan
A pension plan in which the contributions into the plan are defined but the employee’s pension may vary depending on investment performance.
Annual Pension Benefit
The amount of money an individual receives from a retirement plan each year after retirement.
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