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As a newly hired compensation analyst, you\'ve been asked by the Director of Com

ID: 3369193 • Letter: A

Question

As a newly hired compensation analyst, you've been asked by the Director of Compensation to assist with the preparation of next year's compensation plan. The period for the compensation plan is January 1-December 31, 2015. Your assignment is to update salary survey data using the CPI-U to estimate new salary information based on estimation. Also assume that it is July 1, 2014, and you have been asked to submit your analysis within the next two days. The salary survey data were current through the end of 2013, and the initial average salary reported for accountant jobs in the survey was $190,000. The salary data will be 12 and 24 months old at the pay plan's implementation (on January 1, 2015) and end (December 31, 2015), respectively. You have been provided with national CPI-U data Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year Jan 2009 211.93212.71 212.50 212.71 213.02 214.79 214.73 215.45 215.88 216.51 217.23 236.25 2010 217.49 217.28 217.35 217.40217.29 217.20 217.61 217.92 218.28 219.04 219.59 231.00 2011 221.15 221.90 223.04 224.06 224.87 224.84 225.42 226.08 226.68 226.81 227.16 226.00 2012 227.76 228.29 228.87 229.17 228.79 228.63 228.58 229.91 231.10 231.74 231.20 224.75 2013 231.44 232.80 232.25 231.67 231.99 232.58 232.98 233.41 233.77 233.90 234.04 218.00 2014 235.13 235.36 235.79 236.24 236.95 237.35 The cost of goods and services changes bypercent between December 2013 and June 2014. Round your response to the nearest hundredths place

Explanation / Answer

Solution:

Cost of goods and services in December 2013, C1 = 218,

Cost of goods and services in June 2014, C2 = 237.35

Changes in cost of goods and services = (C2 - C1)/C1 x 100

Changes in cost of goods and services = (237.35 - 218)/218 x 100

Changes in cost of goods and services = 8.88%

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