A retail company assigns a $5000 store bonus if monthly sales are more than $100,000 otherwise a $500 store bonus is awarded. Additionally, they are doing away with the previous day off program and now using a percent of sales increase to determine if employees get individual bonuses. If sales increased by at least 4% then all employees get a $50 bonus. If they do not, then individual bonuses are 0.
To determine the bonuses for the employees, we need to follow the given criteria:
1. For the store bonus:
- If monthly sales are more than $100,000, a $5000 store bonus is assigned.
- If monthly sales are less than or equal to $100,000, a $500 store bonus is awarded.
2. For the individual bonus:
- If sales increased by at least 4%, all employees receive a $50 bonus.
- If sales did not increase by at least 4%, individual bonuses are 0.
To calculate the bonuses, we need to obtain two pieces of information: monthly sales and sales increase.
1. Monthly Sales:
- Obtain the total sales for the month in question. This information should be available from the retail company's records or financial statements for that month.
2. Sales Increase:
- Determine the sales for the previous month (if available) and the current month.
- Calculate the percentage increase in sales using the formula: [(current month sales - previous month sales) / previous month sales] * 100.
Now, let's apply this information to an example scenario:
Example Scenario:
- Monthly sales: $110,000
- Previous month's sales: $100,000
Step 1: Calculate the sales increase:
Sales Increase = [(Current Month Sales - Previous Month Sales) / Previous Month Sales] * 100
= [(110,000 - 100,000) / 100,000] * 100
= [10,000 / 100,000] * 100
= 0.1 * 100
= 10%
Step 2: Determine the bonuses:
- Since the monthly sales ($110,000) are more than $100,000, a $5000 store bonus is assigned.
- Since the sales increased by 10%, which is more than the required 4%, all employees receive a $50 bonus.
So, in this example scenario, employees would receive a $5000 store bonus and a $50 individual bonus.
Remember, for your specific scenario, you'll need to substitute the given values for monthly sales and calculate the sales increase to determine the bonuses for that particular month.
To summarize the retail company's bonus system:
1. Store Bonus:
- If monthly sales are more than $100,000, a $5000 store bonus is assigned.
- If monthly sales are less than or equal to $100,000, a $500 store bonus is awarded.
2. Individual Bonus:
- If sales increase by at least 4%, all employees receive a $50 bonus.
- If sales increase by less than 4%, individual bonuses are 0.
Please let me know if you need help with anything else.