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You are the manager of the Paint Department. You receive the income from the Senior Manager with the following memo to the three department managers attached.
Income Statement Sharp Hardware Store For the year ended 30 June 2015
Hardware
Plumbing
Paint
Total
$
Sales
858,000
462,000
227,500
1,547,500
Lest cost of goods sold
399,250
215,750
68,250
683,250
Gross Profit
458,750
246,250
159,250
864,250
Less Expenses
Salaries-Manager
30,000
Salaries-other
225,000
120,000
140,000
485,000
Office expenses
33,267
17,913
8,820
60,000
Telephone
15,219
8,195
4,036
27,450
Supplies
55,000
39,600
15,400
110,000
Rent
40,000
20,000
80,000
398,486
235,708
218,256
852,450
Net Profit(Loss)
60,264
10,542
(59,006)
11,800
Performance this year is disappointing, particularly the Paint department which has recorded a loss of nearly $60 000. As a result, to improve performance in the future, a new system is going to be implemented. A bonus of $5 000 will be paid to one department manager at the end of next year on the basis of which department records the highest profit.
Comment on the new policy from your point of view
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