Distinguish between skill-based pay and competency-based pay systems.
What will be an ideal response?
Skill-based pay systems compensate employees for the skills they bring to a job. These pay systems pay employees for their range of knowledge, the number of business-related skills mastered, the level of those skills or knowledge, or some combination of level and range.
In a competency-based pay system, a competency is defined as "a trait or character that is required by a job holder to perform that job well." An employer would examine the most successful people in the work-unit and learn what it is that those people do well. Once the elements for predicting success on the job are identified, they are categorized as competencies. All members of the work-unit will then be compensated based on how well they demonstrate these identified competencies.
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Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory$25,000 Ending Raw Materials Inventory 30,000 Beginning Work in Process Inventory 55,000 Ending Work in Process Inventory 64,000 Beginning Finished Goods Inventory 80,000 Ending Finished Goods Inventory 67,000 Cost of Goods Sold for the period 540,000 Sales Revenues for the period 1,254,000 Operating Expenses for the period 232,000
A. $549,000. B. $536,000. C. $553,000. D. $527,000. E. $525,000.
The set of business processes required to purchase goods and services is known as
A) cycle inventory. B) safety inventory. C) seasonal inventory. D) sourcing.