management accounting chp2
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Chapter 2
Cost Management Concepts and Cost Behavior
Cost Management Concepts and Cost Behavior
Cost and Cost Management Concepts Cost Behavior AnalysisVariable costingActivity-based CostingCost – Volume – Profit Analysis
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Learning Objectives :Explain why the appropriate derivation of a cost
depends on how the cost will be used State the difference between variable costs and
fixed costs and why the difference is important State what opportunity cost is and how opportunity
cost relates to convention costs Analyze cost behaviorLearn the variable costingUnderstand the difference between variable costing
and absorption full costing Learn the basic concept of activity-based cost
management system
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§2.1 Cost and Cost Management Concepts
What does costs mean?
Cost is the monetary value of goods and services expended to obtain current or future benefits
Cost objects
Product , service, project, customer, activities, department, planning …
Cost calculation
Cost collection:
Cost assignment:According to category of the cost to collect…
tracing or allocate to cost object…
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Cost concept – Different costs for different purposes
There is no universal way to compute the cost of something
External purposes : GAAPInternal purposes
Planning: …
Control: …
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Cost concept: Flexible costs & Capacity-related costs
Organizing costs based on the why they are created
Flexible costs
Flexible resources
Variable costs
Capacity-related costs
Capacity-related resources
depend on how much of the capacity is acquired, rather than on how much is used
Fixed costs
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Cost concept: Opportunity Cost
An opportunity cost is the sacrifice you make when you use a resource for one purpose instead of another.
Nature of Opportunity Costs
Opportunity costs are not necessarily as payments.
Opportunity costs are the estimated foregone benefits from actions that could, but will not, be undertaken.
Opportunity costs is the sacrifice of the best alternative for a given action
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Cost concept: Short -run Costs and Long -run Costs
Short-run costs
Short run is the period over which a decision maker can not adjust capacity
Short-run costs are actually flexible costsLong-run costs are the sum of flexible costs
and capacity-related costs associated with a cost object, which is most often a product
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§2.2 Cost Behavior Analysis
Cost Behavior is referred to the relationship between costs and cost driver, such as volume or activity .
Fixed Costs ( Nonvariable Costs )– the total costs remain unchanged despite changes
of activity (output), Fig. ...– Capacity-related costs, e.g., with respect to net
sale, property taxes expense, depreciation expense on a sales showroom, based on the straight-line method of depreciation, advertisement expense ect.
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Variable Costs
Variable Costs – the total amount of costs vary proportionately
with changes in the volume of activity (output)– Flexible costs, e.g., with respect to net sale,
income taxes expense, a commission on all sales to salespeople ect.
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Semivariable Costs
Semivariable Costs– the total amounts of costs have both a fixed and
variable portion , i.e., costs that respond to changes in activity volume by less than a proportionate amount. Fig. …
– Mixed Costs
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Cost Behavior Analysis
Cost Behavior Analysis Process
Step1: determine cost drivers
cost driver is that measure of physical activity most highly associated with variations in cost. ( high relevant, concise,easy ).
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Cost Behavior Analysis – Cost Behavior Analysis Process
Step2: collect data of costs and cost drivers
Step3: mark data
Step4: determine costs functionCost Behavior Analysis
– to estimate the fixed and variable elements of semivariable costs
– Cost Behavior Patterns are Linear – Cost Behavior Patterns are Stair-Step – Cost Behavior Patterns are Curvilinear
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Cost Behavior Patterns are Linear
Assumption: there is one important primary cost driver, i.e., y = a + bx
Account Classification
according to the account character,each account in the accounting system is classify as being either fixed or variable
Industrial Engineering Approach
Industrial engineers study the relationship between costs and volume with the goal of determining the optimal work method , considering the raw materials, the design of the product or process, the process or order of work ,the tools, the activity of each step etc.
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Cost Behavior Patterns are Linear – High-Low Method
Determining the fixed and variable elements of semivariable costs only by the highest and the lowest costs during a period
Formula: b = (Y2 – Y1 ) / (X2 – X1 ) a = Y1 – bX1 = Y2 – Bx2
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Cost Behavior Patterns are Linear – Scatter-diagram Method
Step1: establishing the reference frame - the vertical axis represents the total costs, the horizontal axis is the total units produced
Step2: plotted the costs incurred with the relative output as the points;
Step3: using theses data points, a straight line can be estimated by analysts’ eyes and it is shown in the following figure…
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Cost Behavior Patterns are Linear – Least Squares Method
A kind of mathematical technique called as Regression Analysis
Y = a + bx + u
y = n·a + b x ······ (1)
xy = a x +b x² ······ (2)
a = (
y - b x ) / n
b = ( n
xy - x y ) / [ nx² - ( x )² ]
Correlation test
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Least Squares Method – Correlation Test
Coefficient of correlation – r – Coefficient of determination – r²– r = ( n
xy - x y ) ÷
{ [ nx² - ( x )² ]. [ ny² - ( y )² ]} ½Standard error of estimate – s
– s = { 1/(n-2)×
( y-ye )² } ½
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Cost Behavior Analysis Example 1
e.g.2.1 Fresno Processing company’s total overhead is fixed and that some portion may varies with the changes of following factors: direct labor hours or direct labor expense or machine hours. Now Hreny Lee, manager of the business, is considering using one of above factors as the primary cost driver. Information pertaining to overhead and direct labor hour, direct labor costs, machine hour for the first six months of the year is shown below:
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Jan.Feb.
Mar.
Apr.May
June
¥60,000¥80,000
¥90,000¥110,000¥70,000¥110,000
2,000
4,0003,5004,500
4,5002,500
3,0005,0002,0003,000
4,5006,000
¥11,000¥15,000¥14,000¥20,000¥11,000¥18,000
Overhead Direct labor hour
Direct labor expense
Machine hour
Instruction :
1) Using the Scatter - diagram Method to determine the primary cost driver
2) Using the Least Squares Method to determine the primary cost driver
3) What else should be considered except the high relevant when choosing the cost driver?
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Cost Behavior Analysis Example 2
e.g.2.2 Shown below are the monthly high and low level of machine hours and of total manufacturing overhead for Westinghouse Company:
the highest (Sept.) the lowest (Feb.)
Machine hours 75,000 50,000Overhead ¥176,250 ¥ 142,500Assume that the total overhead consists of fixed
portion, variable portion and semivariable portion. Each portion of the overhead is classified in detail at the highest point as below:
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the amount of variable cost ¥ 75,000the amount of fixed cost ¥ 60,000the amount of semivariable cost ¥ 41,250
the total amount of overhead ¥ 176,250Instruction:1) Using the given data, try to find the semivariable portion behavior pattern of overhead by means of High - Low Method;2) In a month in which 65,000 or 85,000 machine hours are used, try to estimate the amount of overhead.
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e.g.2.3 雷蒙公司在几个不同工厂制造多种产品,富兰克 林工厂制造电器零件。由于富兰克林工厂目前每月制造 费用波动,因而难以估计其未来各月发生的制造费用。
为了更好地制定业务及财务计划,管理人员希望能准确 地估计制造费用.雷蒙所订购的同业公会杂志指出制造 电器零件公司的制造费用与直接人工小时成正比。因 此,某一会计员建议确定该公司制造费用成本习性模型,
根据预计的直接人工预测制造费用。估计未来制造费用 习性模型的方法有:高低点法、散布图法、简直线、复 回归及指数修匀法(exponential smoothing)。在这些方法 中,雷蒙公司决定采用高法、散布图法及简直线回归法,
收集的过去两年有关直接人工小时及制造费用资料如下:
Cost Behavior Analysis Example 3HUST 管理学院岳爱真
试作:
1) 利用高低点法、回归分析,确定富兰克林工厂制造费用 的成本习性模型。
2) 利用回归分析结果,估计当直接人工22500小时时的制造 费用。利用上列成本公式计算本月份预计的制造费
用:
a)高低点法, (b)最小平方法, (c)散布图法
3) 3 种方法(高低点法、散布图法及直线回归)中,雷蒙公司 应选用哪一种方法来确定富兰克林工厂制造费用的历
史成本习性模型?试说明之,并说明不能采用其他方法的 理由。
4) 相对大多数公司而言,相关范围的观念对于富兰克林 工厂是较为重要或还是较为不重要?
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Cost Behavior Is Stair-Step & Cost Behavior Is Curvilinear
Cost Behavior Is Stair-StepCost Behavior Is CurvilinearComment on Cost Behavior Analysis
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§2.3 Variable Costing
Variable Costing is a costing method in which only variable manufacturing costs are included in product costs.
Traditional form of product costing known as full absorption costing include both job order costing and process costing .
These system are designed to absorb all manufacturing costs into product costs.
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Costs Flow of Absorption Full CostingExpenditures
Product Costs (Manufacturing Costs)
Period Expenses(Nonmanufacturing Costs)
Direct Materials
Selling Expense
Work in Process Goods
Finished Goods
Cost of Goods sold
Net Profit or Loss
Direct Labor
Manufacturing Overhead
Administration Expense
Selling
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Criticisms of Absorption full Costing
Absorption full costing create incentive to overproduce !
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Variable Costing ( Direct Costing )
Under the variable costing, product costs contain only the variable components, fixed manufacturing costs are treated as period costs and are written off against income in the year they are incurred.
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Costs Flow of Variable Cost System
Expenditures
Manufacturing Costs Nonmanufacturing Costs
Dir.
Mat.Selling
Expense
Work in Process Goods
Finished Goods
Cost of Goods Sold
Net Profit
or Loss
Dir.
Lab.
Variable Man.
Overhead
Adm. Expense
Selling
Fixed Man.
Overhead
Dir.
Mat.
Dir.
Lab.
Variable Man.
Overhead
Adm. Expense
Selling Expense
Fixed Man.
Overhead
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SalesLess: Cost of goods sold
Gross profit on sales Less: Administrative &
Selling expense
Profit
SalesLess: Variable manufacturing cost
Manufacturing marginLess: Variable administrative &
selling expense
Contribution marginLess: Fixed manufacturing costLess: Fixed administrative &
selling expense
Profit
* Profit Evaluation
Gross profit on sales
Contribution margin
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Contribution Margin
Contribution Margin is the amount by which the sales revenue earned exceeds the relative variable costs incurred, i.e.,
Contribution Margin = Sales -Variable CostsUnit Contribution Margin is the difference
between the price and the variable cost per unit, i.e., Unit Contribution Margin
= Unit Selling Price -Variable Cost per Unit
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Example on Variable & Absorption full Costing
e.g.2.4 A single homogeneous product is produced in Allegheny Co. , and variable cost per unit does not increase as production is expended. To simplify the example, assume there are not beginning inventories. Shown below are the data about costs, price , sales and produce volume.
Price ¥11/ unitDirect materials and labor ¥2/ unitVariable manufacturing overhead ¥3/ unit Fixed manufacturing overhead ¥40,000 Fixed selling and administrative expense ¥5,000Variable selling and administrative expense ¥ 1/ unit
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Example on Variable & Absorption Costing
Year1 Year2 Year3 Sales 10,000 units 10,000 units 10,000 unit Production 10,000 units 11,000 units 9,000 unit
Required:Prepare the absorption costing and variable
costing income statements.
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Profit Rule
when the number of units finished= the number of units sold,
the profit of variable costing = the profit of full costing
when the number of units finished >the number of units sold
the profit of variable costing < the profit of full costing
when the number of units finished < the number of units sold,
the profit of variable costing > the profit of full costing Comments on Variable Costing……
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Criticisms of Absorption Full Costing
Absorption full costing create incentive to overproduce !
Absorption full costing provide inaccurate product costs. Why ?
It’s because of cost structures today…®the composition of manufacturing costs and
each cost item represented proportion of total manufacturing costs
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Criticisms of Absorption Full Costing
e.g.2.5 Nanticoke Electric has three groups of customers: industrial, commercial, and residential (both single-unit and multiple-unit dwellings). It sells about 1,000,000,000 units of electricity each month to its 455,000 customers. The selling price of the electricity is about $0.50 per unit. A recent costing study has determined that the full manufacturing and distribution cost is about $0.30 per unit.
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The only other major costs are meter reading costs, which amount to $5 per reading, and billing and processing costs, which amount to $8 per bill.Each customer’s meter is read monthly and bills are prepared monthly. There are two ways to compute the costs for each group shown as follow (e.g.3.1- 2).
Do you think which one accurate is?
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Criticisms of Absorption Full Costing
ProductDesign
ProductProductDesignDesign
Researchand
Development
ResearchResearchandand
DevelopmentDevelopment
§2.4 Activity-Based Costing
Securing rawmaterials and
other resources
Securing rawSecuring rawmaterials andmaterials and
other resourcesother resources
ProductionProductionProduction
MarketingMarketingMarketing
DistributionDistributionDistribution
CustomerService
CustomerCustomerServiceServiceStartStart 研究计划的数量
研究所费时间研究技术复杂性
需设计产品数量产品零部件数量设计时间
广告次数销售员人数销售额
送配产品的数量送配对象的数量送配产品的重量
服务电话次数检修产品数目产品检修时间
…
Business running as a sequence of activities
Types of Production ActivitiesABC: Business running as a sequence of
activities , activities create costs® activity : a unit of work or task with specific goal
Types of Production Activities Unit-related activities
Those activities whose volume or level is proportional to the number of units produced or to other measures, such as…
Unit-related activities apply to more just production activities, such as…
Unit level costs
P59 HUST 管理学院岳爱真
Types of Production Activities
Batch-related activities
Those activities triggered by the number of batches produced rather than by the number of units manufactured.
Machine setups, issue purchase orders,...
Batch level costs
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Types of Production Activities Product-sustaining activities
Those activities that support the production and sale of individual products but are independent of actual production production and batches.
Administrative efforts to maintain drawings and labor and machine routings for each part
Product engineering efforts to maintain coherent specification, such as…
Product level costs
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Types of Production Activities
Business-sustaining activities
Those activities required for the basic functioning of the business, independent of production or sales volumes and mix.
Business-sustaining costs
Facility-sustaining costs
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Types of Production Activities
Customer-sustaining activities
Those activities that enable the company to sell to an individual customer but are independent of the volume and mix of products sold and delivered to the customer
Sales calls and technical support provided to individual customers
Customer costs
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Costs Flow of Activity-Based Cost SystemExpenditures
Unit level costs
Batch level costs
Product levelcosts
Facility-sustainingcosts
Product 1 Product 2
activity cost drivers
quantity required of each activity by each
product
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§2.5 Cost – Volume – Profit Analysis
CVP Analysis – Break – even analysis – a discussion to the relationships among cost,
revenue and profit based on classifying cost into fixed/variable categories
Profit
Revenue -Variable Costs -Fixed Costs
Contribution Margin - Fixed Costs
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Supposed: Π – profit, p – price x – volume a – fixed costs
b – per-unit variable costs , thenΠ = px – bx – a = ( p – b ) x - a
the term profit in CVP analysis refers to operating income, which is pretax ; costs including manufacturing costs and operating expenses
Basic CVP Analysis Formulas
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Supposed: Π = 0 Break – even analysis Supposed: Π > 0 Target profit - even
analysis
Volume
Sales & Costs Sales line
Costs line
A
B
D
Break-even point
Π = px – ( bx + a ) = ( p – b ) • x- a
Loss area
Profit area
x0D’B’
A’
( p – b )
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Unit Contribution Margin & Contribution Margin Ratio
Unit Contribution Margin is the difference between the price and the variable cost per unit, i.e., Unit Contribution Margin = p - b
Unit Selling Price -Variable Cost per UnitContribution Margin Ratio is either dividing the
total contribution margin for the period by total revenue or on a per-unit basis, i.e.,
Contribution Margin Ratio
Contribution margin / Revenue = ( p – b )/p
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Useful CVP Analysis Formulas
∵Π = ( p – b ) • x- a ,∴ at the even point ( i.e., Π
0 ) ,
x = ( a + Π ) / (p – b) ······(2)
Variable costs
- Unit Contribution Margin Model
Sales & Costs
Loss area
Volume
Profit areaA
B
C
D
Sales line
Costs lineBreak-even point
x0
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Useful CVP Analysis Formulas
∵Π = ( p – b ) • x- a ,∴ at the even point ( i.e., Π
0 ) ,
px = ( a + Π ) / [ ( p – b ) / p ] ······(3)
- Contribution Margin Ratio Model
Loss area
Profit area
Costs line
Sales lineSales & Costs
Volumex0
Break-even pointpx0
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e.g.2.6 A single homogeneous product is produced in Allegheny Co. , and variable cost per unit does not increase as production is expended. To simplify the example, assume there are not beginning inventories. Actual sales volume is equal to Production volume and is 10,000 unit. The projected profit is ¥ 40000 . Shown below are the data about costs, price
Example of Cost- Volume - Profit Analysis
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Price ¥11/unit Direct materials and labor ¥2/ unit Variable manufacturing overhead ¥3/ unit Fixed manufacturing overhead ¥40,000 Selling and administrative expense :– Fixed, ¥5000– Variable, ¥ 1/ unit
Instruction: compute the break-even point and the target profit -even point.
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Margin of Safety
The dollar amount by which the actual sales volume exceeds the break-even sales volume, i.e., Margin Safety in dollar
(actual revenue - break-even revenue)Sometimes margin of safety is defined in
unit , i.e. , Margin Safety
Actual volume - Break-even volume
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Example of CVP Analysis
e.g.2.7 柏来及怀特分别是现代加工公司与欧威制 造公司的老板,这两家公司制造和销售相同的产
品,两人之间的竞争极为友善,其成本及利润资料 彼此公开,产品售价则由市场决定。柏来与怀特
的管理理念显然不同:现代公司的生产是高度机 械化作业,直接人工以固定薪资支付;且其推销员
支领固定薪水。而欧威公司则是用手工制造,大 部分是按时支付,并支付奖金,且其推销员支领低 薪加上佣金。怀特对其公司所具有的成本随销售 量变动而变动的能力而深感自豪,并常取笑柏来
的公司 “成本及费用缺乏弹性”。
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2007年度两家公司销售额¥100,000 时的净利相 等,然而2008年底比较经营业绩时,怀特对下列
结果感到惊讶: 现代加工公司
欧威制造公司
2007年
2008年 2007年
2008年
销售收入
¥ 100000 ¥ 120000 ¥100000 ¥150000成本及费用 ¥ 90000 ¥ 94000 ¥ 90000 ¥ 130000净利
¥10000 ¥26000 ¥10000 ¥ 20000
占销额比重
10% 21.67% 10% 13.33%怀特怀疑其拥有的欧威公司在2008年的营业中
存在效率不高的问题, 因而责令其会计员对本 公司2008年的成本作彻底调查。
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然而调查并未发现任何成本不当的事实。对于 销量大量增加而利润增加不大,怀特深感困惑, 故请求专家说明原因。专家发现这两年帐上记 录的固定成本及费用如下: 现代-¥70 000/年; 欧威-¥10 000/年。要求:
a. 试为怀特说明为何2008年虽然欧威的销货较 高, 但其净利却比现代的低的理由,试通过有关 的计算来说明问题;
b. 若要获得现代公司2008年所实现的利润 ¥26 000 ,欧威公司需要的销货量是多少。
c. 试评论当销货量减少时,两公司未来的相对 地位。
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Profit & Change of ProfitProfit = Margin of Safety in dollar
×Contribution Margin Ratio = Margin of Safety in unit × Unit Contribution Margin
Change in Profit = Change in Sales Revenue × Contribution Margin Ratio
= Change in Sales unit × Unit Contribution Margin
Operating Leverage
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CVP Analysis for Sales Mix
∏ = ∑( pi – bi )xi - aAverage Contribution Margin Ratio
is the ratio computed by weighting the contribution margin ratios of each product line by the percentage of total sales which that product represents.
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® Average Contribution Margin Ratio
Supposed: (∏+a) allocating rate is βi , then ∑βi = 1,
Average Contribution Margin Ratio of the firm= ∑βi × [ ( pi – bi ) / pi ]Assumption:
βi is the percentage ,which each product’s sales accounting for total sales.
βi is defined as sales mix
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CVP Analysis for Sales Mix
step1: Calculating the average contribution margin ratio;
step2: Determining the break-even point of the company;
step3: Determining the the break-even point of each product.
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Example of Sales Mix CVP Analysis
e.g.2.8 White Co. makes and sells three products: G, R, E. Fixed costs incurred last year was ¥144,000, the data about costs, prices and volume of each product are shown as below: G R E
Price per unit ¥4 ¥8 ¥10Variable costs per unit ¥3 ¥4 ¥7Volume of sales (unit) 20,000 40,000 60,000
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Instructions:
1) compute the break-even point of White Co. and each product ;
2) compute the profit of White Co. How about break-even point when sales
mix changes?
In generally, break-even point will be changed with sales mix , no matter in unit or in dollar .
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Profitability & Sales Mix
Profitability can be improved by shifting sales mix to include more products with high contribution margin ratios and less products with low contribution margin ratios.
When the sales mix remains unchanged,Change in Profit
Change in Sales Revenue of the Co.
× Average Contribution Margin Ratio
Change in Sales unit of the Co.
× Average Unit Contribution Margin
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® CVP Sensitive Analysis
CVP sensitive analysis studies on the fluctuating degree of profit according to its relative factors.
What-if analysis
∏
is sensitive to price, costs and volume, furthermore, each sensitivity is different:
d ∏ / dp = x
d ∏ / dx = p - b
d ∏ / db = - x
d ∏ / da = -1
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Assumptions Underlying Cost – Volume – Profit Analysis
CVP analysis is a single-period analysisSales price per unit is assumed to remain
constantCosts can be classified into fixed and variable
portionThe number of units produced is assumed to equal
the number of units sold during each period.The sales mix is assumed to remain constant
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Example of CVP Analysis
e.g.2.9许先生从2006年开始,租赁一栋房屋用于开办 脆饼餐厅,房屋租金每月 $400。此外,他还雇佣专职 女职员二名及大学生六名端送脆饼,每周工作时间为30
小时;以月薪
$300聘用一名会计记帐及报税。餐厅所 需设备及运输卡车都是许先生用现金购买的,据许先生 观察餐厅的水电费及用品费用相当固定。餐厅自开业 以来,营业额逐年增加,利润也已经翻倍,令许先生不解 的是为什么他餐厅的利润增加的速度比营业额增加的
速度快。现已知每一块脆饼平均售价为 $2.50,许先生 应付的所得税为餐厅净利的30%,由会计编制的2008
年预计损益表如下:
HUST 管理学院岳爱真
预计损益表 2008年度
销售收入
$95,000 销售成本
$28,500
餐厅助理员工资及福利 8,150
服务员工资及福利
17,300 租金
4,800
会计服务
3,600 运输设备折旧
5,000
餐厅设备折旧
3,000 水电费
2,325
用品费用(肥皂、地板蜡等) 1,200 $73,875
税前净利
$21,125 所得税
$6,338
净利
$14,787
HUST 管理学院岳爱真
试作:(a)餐厅若欲达到损益平衡点,则必须出售多少脆饼?(b)餐厅若欲达到现金流量平衡点,则需出售多少脆饼?(c)如果许先生准备2008年从餐厅提取 $4800作为私人用途,
那么,在2008年的营业中至少需产生多少现金?(d)如果许先生希望获得税后净利 $20000,则餐厅必须销售
多少脆饼?(e)试说明为什么餐厅净利增长的速度会超过销货增加的
速度。
(f)试说明为什么2008年的现金流量超过其净利润。
HUST 管理学院岳爱真
Review(for 5th edition)Reading:
Chapter 2,3
Self-study: – p70, Exercises 2-22,2-25;– p75,Problems 2-36
Assignment:– p73,Problems 2-33, 2-35;2-44– P76, Problems 2-39
HUST 管理学院岳爱真
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