Anderson Corp. has the following information: Show Beginning Inventory (1/1) Ending Inventory (12/31) Additional information for the year is as follows: Direct materials used $90,000 Compute the cost of goods sold. Recommended textbook solutions
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Terms in this set (20)controlling Control is considered as the end of management function. importance of control Control is considered as an imperative management function for measuring and taking corrective actions to ensure organisational objectives are achieved. Control as the process through which managers regulate the activities of individuals and units in order to ensure they are consistent with planned goals and objectives of the organisation. Without a control system, managers will not be able to know where they are and how they are progressing. Importance of Control According to Jones and George (2011), control is important to an organisation in the following ways: The Control Process The control process is a systematic process and involves four stages as follows: 1. Establish the standard of performance Within an organization's overall strategic plan, managers define goals for organizational departments in specific, operational terms that include standards of performance to compare with organizational activities. 2. Measuring performance Once goals and standards of performance have been established, the performance is measured against the standards. 3. Comparing performance standards. In this stage the actual performance is compared against the standards and goals, to identify any deviations. 4. Taking corrective action After deviations from goals and standards are identified, managers will determine what corrective actions to take and how to apply them. a. Control actual performance: When a manager considers taking a corrective action he or she may: cont Revise the standard: When the standard has been set too high, and the actual performance fails to meet the goal, managers can decide to revise it. types of control Control systems as the "formal target setting, monitoring, evaluation and feedback systems that provide managers with information about how well the organisation's strategy and structure is working". Feedforward Control It is also known as 'preventive control'. cont It is the feedback based on measuring an output. It involves taking corrective actions before a particular sequence of operation is completed. concurrent control This is also known as 'real time control', focusing on the present rather than the future. feedback control It is based on
the measurement of the results of action. cont Feedback helps
managers to take action in the future which will be in line with the organisational objectives. 3 types of control 1. feedforward control methods of control personal growth, output control, control through incentives personal growth It is based on direct personal contact or supervision to ensure that individuals behave in a manner which is consistent with the organisational goals. output control These are goals set for units or individuals to achieve.
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