Updating Salary Survey Data 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 for accounting jobs. The period for the compensation plan is January 1-December 31, 2018. Your assignment is to update salary survey data using the CPI-U to estimate new salary information. Also, assume that it is July 1, 2017, and you have been asked to submit your analysis within the next two days. The salary survey data were current through the end of 2016, and the initial average salary reported for accountant jobs in the survey was $50,000. The salary data will be 12 and 24 months old at the payplan's implementation (on January 1, 2018) and end (December 31, 2018), respectively. You have been provided with national CPH-U data, which were obtained from the U.S. Bureau of Labor Statistics website. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 2013 2014 2015 2016 2017 236.84 237.32 237.80 238 18 237.71 237.52 237.59 238.91 240.01 240.63 240.24 240 22 240.67 241.93 241.28 240.79 240.89 241.44 241.90 242.45 242.54 242.66 243.10 243.71 244.34 244.52 244.95 245.46 245.86 246.18 246.48 246.43 246.45 246.44 246.04 245 27 243 83 244 27 244.95 245.16 245.95 246 61 246.99 246.98 246.46 246.76 24707 246.82 246.99 246.53 247.02 247.84 248.43 249.07 249.05 249.56 250.01 250.66 251.08 251.78 253.02 253.10 252.71 253 08 252.91 253.03 10 The percent change in the cost of goods and services between December 2016 and June 2017 is 50 % (a) The percent change might you expect the average cost of goods and services over the second 6-month period of 2017 is 47% (Round your answers to the nearest hundredths place.) Hint First, calculate the percentage cost change for the period July through December for each of the previous years: 2012 through 2016. Second, take the average of these five figures. This calculation gives us the average percent cost change. Estimates based on multiple years gives us a more stable picture of percent cost changes (b) The estimated average salary for December 31, 2017 is $ 50240.00 (Round your answers to the nearest hundredths place) Hint ((Initial average salary x average percent cost change) + initial average salary (a) The percent change might you expect the average cost of goods and services change between January 1, 2018 and December 31, 2018 is % (Round your answers to the nearest hundredths place.) Hint First calculate the percent cost change for the period January through December for each of the previous years: 2012 through 2016. Second, take the average of these five figures to calculate the average percent cost change (b) The estimated average salary for December 31, 2017 is $ 50240.00 (Round your answers to the nearest hundredths place.) Hint: [(initial average salary xaverage percent cost change) + initial average salary). (a) The percent change might you expect the average cost of goods and services change between January 1, 2018 and December 31, 2018 is % (Round your answers to the nearest hundredths place.) Hint First, calculate the percent cost change for the period January through December for each of the previous years: 2012 through 2016. Second, take the average of these five figures to calculate the average percent cost change (b) The estimated average salary for December 31, 2018 is $ (Round your answers to the nearest hundredths place) Hint [(December 2017 average salary average percentage cost change) + December 2017 average salary]. Updating Salary Survey Data 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 for accounting jobs. The period for the compensation plan is January 1-December 31, 2018. Your assignment is to update salary survey data using the CPI-U to estimate new salary information. Also, assume that it is July 1, 2017, and you have been asked to submit your analysis within the next two days. The salary survey data were current through the end of 2016, and the initial average salary reported for accountant jobs in the survey was $50,000. The salary data will be 12 and 24 months old at the payplan's implementation (on January 1, 2018) and end (December 31, 2018), respectively. You have been provided with national CPH-U data, which were obtained from the U.S. Bureau of Labor Statistics website. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 2013 2014 2015 2016 2017 236.84 237.32 237.80 238 18 237.71 237.52 237.59 238.91 240.01 240.63 240.24 240 22 240.67 241.93 241.28 240.79 240.89 241.44 241.90 242.45 242.54 242.66 243.10 243.71 244.34 244.52 244.95 245.46 245.86 246.18 246.48 246.43 246.45 246.44 246.04 245 27 243 83 244 27 244.95 245.16 245.95 246 61 246.99 246.98 246.46 246.76 24707 246.82 246.99 246.53 247.02 247.84 248.43 249.07 249.05 249.56 250.01 250.66 251.08 251.78 253.02 253.10 252.71 253 08 252.91 253.03 10 The percent change in the cost of goods and services between December 2016 and June 2017 is 50 % (a) The percent change might you expect the average cost of goods and services over the second 6-month period of 2017 is 47% (Round your answers to the nearest hundredths place.) Hint First, calculate the percentage cost change for the period July through December for each of the previous years: 2012 through 2016. Second, take the average of these five figures. This calculation gives us the average percent cost change. Estimates based on multiple years gives us a more stable picture of percent cost changes (b) The estimated average salary for December 31, 2017 is $ 50240.00 (Round your answers to the nearest hundredths place) Hint ((Initial average salary x average percent cost change) + initial average salary (a) The percent change might you expect the average cost of goods and services change between January 1, 2018 and December 31, 2018 is % (Round your answers to the nearest hundredths place.) Hint First calculate the percent cost change for the period January through December for each of the previous years: 2012 through 2016. Second, take the average of these five figures to calculate the average percent cost change (b) The estimated average salary for December 31, 2017 is $ 50240.00 (Round your answers to the nearest hundredths place.) Hint: [(initial average salary xaverage percent cost change) + initial average salary). (a) The percent change might you expect the average cost of goods and services change between January 1, 2018 and December 31, 2018 is % (Round your answers to the nearest hundredths place.) Hint First, calculate the percent cost change for the period January through December for each of the previous years: 2012 through 2016. Second, take the average of these five figures to calculate the average percent cost change (b) The estimated average salary for December 31, 2018 is $ (Round your answers to the nearest hundredths place) Hint [(December 2017 average salary average percentage cost change) + December 2017 average salary]