Making choices and exercising judgment.
a. In the last three chapters, you’ve learned about five different business processes: sales/ collection, acquisition/payment, conversion, financing, and human resources. Draw a diagram or write a paper that explains the connections between the five.
b. Phil and Lil are the owners of Planters for All, a company that makes small decorative planters for homes and offices. Their planters come in various shapes, including a well with a bucket, a telephone, a wheelbarrow, and others. Each shape can be made in two sizes: large and small. If you were advising Phil and Lil about setting up their production process, would you recommend a job costing system or a process costing system? Why?
c. PKT Corporation has annual sales of $1,600,000 and a profit margin averaging 8 percent. The corporation employs 40 people and currently does its payroll processing internally. Typi cally, the two accounting staff spend one day every two weeks calculating and processing payroll; each accounting staff member’s annual salary is $48,000. The president of PKT has asked your advice regarding outsourcing payroll processing. List and discuss at least three factors you would tell the president to consider in making this decision. Based on the data provided, should PKT outsource its payroll or keep doing it internally?
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