Identify how to estimate the total cost of making a product by adding together estimates in three cost categories.
- Let's say that you own a custom furniture business…and I am your newest customer.…I want to buy a custom-made oak table…that can seat everyone in my family.…Well this will have to be a big table…because I currently have seven children,…four of them are married, there are 11 grandchildren,…and then there should be special spots, at each end,…for my wife, Ramona, and me.…That's 24 people.…Oh, and I need nice oak chairs for everyone.…And I would like the Stice family coat of arms,…carefully carved into the surface of the table…and into the back of each one of the chairs.…
Now, let me ask you,…have you ever made a table exactly like this before?…Well of course not, this is a special custom order.…But here I am, at your custom furniture business,…wanting to buy this set of table and chairs, from you.…But before I agree to buy from you,…I need one important piece of information,…what price will you charge me?…Well that's a tough question.…Again, you have never made a table and chairs…set like this before,…so it's not as if you can just consult a price list.…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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