The Standards for Product C54L Specify 4

question 102

Essay

The standards for product C54L specify 4.5 direct labor-hours per unit at $12.40 per direct labor-hour.Last month 1,560 units of product C54L were produced using 7,000 direct labor-hours at a total direct labor wage cost of $86,100.
Required:
a.What was the labor rate variance for the month?
b.What was the labor efficiency variance for the month?

Discuss the benefits and challenges of using simulation in forecasting HR demand and supply.

Comprehend the process and utility of scenario planning in determining HR demand.

Evaluate the validity of using groups of experts versus individual experts in HR forecasting.

Differentiate between various forecasting methods and their suitability for different scenarios.

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Definitions:

Compound Annual Real Rate of Return

The rate of return on an investment, adjusted for inflation, that compounds annually, reflecting the true purchasing power of earnings.

Annual Rate of Inflation

The percentage increase in the price of goods and services over a one-year period, indicating the rate at which the purchasing power of money is eroded.

Compounded Quarterly

The process of adding interest to the principal amount of an investment or loan on a quarterly basis, leading to interest on interest.

Equivalent Payment

A method of determining the amount of regular payments that would have the same value as a different payment structure, often used in finance to compare loans or investments.