mcgraw-hill/irwin 14-1 decision making: decision making: relevant costs and benefits relevant costs...

McGraw-Hill/Irwin

14-14-11

Decision Making:Decision Making: Relevant Costs and Relevant Costs and

BenefitsBenefits

14 ChapterChapterFourteenFourteen

McGraw-Hill/Irwin

14-14-22

The Managerial Accountant’s Role in Decision Making

Designs and implementsaccounting information

system

Designs and implementsaccounting information

system

Cross-functional Cross-functional management teams management teams

who makewho makeproduction, marketing,production, marketing,and finance decisionsand finance decisions

Cross-functional Cross-functional management teams management teams

who makewho makeproduction, marketing,production, marketing,and finance decisionsand finance decisions

Make substantiveeconomic decisionsaffecting operations

Make substantiveeconomic decisionsaffecting operations

ManagerialManagerialAccountantAccountantManagerialManagerialAccountantAccountant

McGraw-Hill/Irwin

14-14-33

The Decision-Making Process1. Clarify the Decision Problem1. Clarify the Decision Problem1. Clarify the Decision Problem1. Clarify the Decision Problem

2. Specify the Criterion2. Specify the Criterion2. Specify the Criterion2. Specify the Criterion

3. Identify the Alternatives3. Identify the Alternatives3. Identify the Alternatives3. Identify the Alternatives

4. Develop a Decision Model4. Develop a Decision Model4. Develop a Decision Model4. Develop a Decision Model

5. Collect the Data5. Collect the Data5. Collect the Data5. Collect the Data

6. Make a Decision6. Make a Decision6. Make a Decision6. Make a Decision

QuantitativeQuantitativeAnalysisAnalysis

Exh.14-1

McGraw-Hill/Irwin

14-14-44

The Decision-Making Process1. Clarify the Decision Problem1. Clarify the Decision Problem

2. Specify the Criterion2. Specify the Criterion

3. Identify the Alternatives3. Identify the Alternatives

4. Develop a Decision Model4. Develop a Decision Model

5. Collect the Data5. Collect the Data

6. Make a Decision6. Make a Decision

Primarily thePrimarily theresponsibility of theresponsibility of the

managerialmanagerialaccountant.accountant.

Primarily thePrimarily theresponsibility of theresponsibility of the

managerialmanagerialaccountant.accountant.

Information should be:Information should be:1. Relevant1. Relevant2. Accurate2. Accurate3. Timely3. Timely

Information should be:Information should be:1. Relevant1. Relevant2. Accurate2. Accurate3. Timely3. Timely

McGraw-Hill/Irwin

14-14-55







RelevantRelevantPertinent to a

decision problem.

RelevantRelevantPertinent to a

decision problem.

AccurateAccurateInformation must

be precise.

AccurateAccurateInformation must

be precise.

TimelyTimelyAvailable in time

for a decision

TimelyTimelyAvailable in time

for a decision

McGraw-Hill/Irwin

14-14-66







QualitativeConsiderations

QualitativeConsiderations

McGraw-Hill/Irwin

14-14-77

Relevant Information

Information is relevant to a decision Information is relevant to a decision problem when . . .problem when . . .

It has a bearing on the future, It has a bearing on the future, It differs among competing alternatives.It differs among competing alternatives.

Information is relevant to a decision Information is relevant to a decision problem when . . .problem when . . .

It has a bearing on the future, It has a bearing on the future, It differs among competing alternatives.It differs among competing alternatives.

McGraw-Hill/Irwin

14-14-88

Identifying RelevantCosts and Benefits

Sunk costsSunk costsCosts that have already been incurred. Costs that have already been incurred. They do not affect any future cost and They do not affect any future cost and cannot be changed by any current or cannot be changed by any current or

future action.future action.

Sunk costsSunk costsCosts that have already been incurred. Costs that have already been incurred. They do not affect any future cost and They do not affect any future cost and cannot be changed by any current or cannot be changed by any current or

future action.future action.

Sunk costs are irrelevant to decisions.Sunk costs are irrelevant to decisions.

McGraw-Hill/Irwin

14-14-99

Relevant CostsWorldwide Airways is thinking about replacing a three Worldwide Airways is thinking about replacing a three

year old loader with a new, more efficient loader.year old loader with a new, more efficient loader.

New loader List price 15,000$ Annual operating expenses 45,000 Expected life in years 1 Old loader Original cost 100,000$ Remaining book value 25,000 Disposal value now 5,000 Annual variable expenses 80,000 Remaining life in years 1

New loader List price 15,000$ Annual operating expenses 45,000 Expected life in years 1 Old loader Original cost 100,000$ Remaining book value 25,000 Disposal value now 5,000 Annual variable expenses 80,000 Remaining life in years 1

McGraw-Hill/Irwin

14-14-1010

Relevant Costs

If we keep the old loader, we will have depreciationIf we keep the old loader, we will have depreciationcosts of $25,000. If we replace the old loader,costs of $25,000. If we replace the old loader,

we will write-off the $25,000 when sold. There iswe will write-off the $25,000 when sold. There isno difference in the cost, so it is no difference in the cost, so it is not relevantnot relevant..

If we keep the old loader, we will have depreciationIf we keep the old loader, we will have depreciationcosts of $25,000. If we replace the old loader,costs of $25,000. If we replace the old loader,

we will write-off the $25,000 when sold. There iswe will write-off the $25,000 when sold. There isno difference in the cost, so it is no difference in the cost, so it is not relevantnot relevant..

The new loader will be depreciated in one year.The new loader will be depreciated in one year.

McGraw-Hill/Irwin

14-14-1111

Relevant Costs

The $5,000 proceeds will only be realized if weThe $5,000 proceeds will only be realized if wereplace the old loader. This amount is replace the old loader. This amount is relevantrelevant..The $5,000 proceeds will only be realized if weThe $5,000 proceeds will only be realized if wereplace the old loader. This amount is replace the old loader. This amount is relevantrelevant..

McGraw-Hill/Irwin

14-14-1212

Relevant Costs

We will only have depreciation on the new loaderWe will only have depreciation on the new loaderif we replace the old loader. This cost is if we replace the old loader. This cost is relevantrelevant..We will only have depreciation on the new loaderWe will only have depreciation on the new loaderif we replace the old loader. This cost is if we replace the old loader. This cost is relevantrelevant..

McGraw-Hill/Irwin

14-14-1313

Relevant Costs

The difference in operating costs is The difference in operating costs is relevantrelevantto the immediate decision.to the immediate decision.

The difference in operating costs is The difference in operating costs is relevantrelevantto the immediate decision.to the immediate decision.

McGraw-Hill/Irwin

14-14-1414

Relevant CostsHere is an analysis that includes only Here is an analysis that includes only relevant costsrelevant costs::

McGraw-Hill/Irwin

14-14-1515

Analysis of Special Decisions

Let’s take a close look at some special Let’s take a close look at some special decisions faced by many businesses.decisions faced by many businesses.

We just receivedWe just receiveda special order. Doa special order. Doyou think we shouldyou think we should

accept it?accept it?

McGraw-Hill/Irwin

14-14-1616

Accept or Reject a Special Order A travel agency offers Worldwide Airways A travel agency offers Worldwide Airways

$150,000 for a round-trip flight from Hawaii to $150,000 for a round-trip flight from Hawaii to Japan on a jumbo jet.Japan on a jumbo jet.

Worldwide usually gets $250,000 in revenue Worldwide usually gets $250,000 in revenue from this flight.from this flight.

The airlines is not currently planning to add The airlines is not currently planning to add any new routes and has two planes that are idle any new routes and has two planes that are idle and could be used to meet the needs of the and could be used to meet the needs of the agency.agency.

The next screen shows cost data developed by The next screen shows cost data developed by managerial accountants at Worldwide.managerial accountants at Worldwide.

A travel agency offers Worldwide Airways A travel agency offers Worldwide Airways $150,000 for a round-trip flight from Hawaii to $150,000 for a round-trip flight from Hawaii to Japan on a jumbo jet.Japan on a jumbo jet.

Worldwide usually gets $250,000 in revenue Worldwide usually gets $250,000 in revenue from this flight.from this flight.

The airlines is not currently planning to add The airlines is not currently planning to add any new routes and has two planes that are idle any new routes and has two planes that are idle and could be used to meet the needs of the and could be used to meet the needs of the agency.agency.

The next screen shows cost data developed by The next screen shows cost data developed by managerial accountants at Worldwide.managerial accountants at Worldwide.

McGraw-Hill/Irwin

14-14-1717

Accept or Reject a Special Order

Worldwide will save about $5,000 in reservationWorldwide will save about $5,000 in reservationand ticketing costs if the charter is accepted.and ticketing costs if the charter is accepted.

McGraw-Hill/Irwin

14-14-1818


Since the charter will contribute to fixed costs andSince the charter will contribute to fixed costs andWorldwide has idle capacity, the company shouldWorldwide has idle capacity, the company should

accept the flight.accept the flight.

Since the charter will contribute to fixed costs andSince the charter will contribute to fixed costs andWorldwide has idle capacity, the company shouldWorldwide has idle capacity, the company should

accept the flight.accept the flight.

McGraw-Hill/Irwin

14-14-1919

Accept or Reject a Special OrderWhat if Worldwide had What if Worldwide had no excess capacityno excess capacity? If ? If

Worldwide adds the charter, it will have to cut Worldwide adds the charter, it will have to cut its least profitable route that currently its least profitable route that currently

contributes $80,000 to fixed costs and profits. contributes $80,000 to fixed costs and profits. Should Worldwide still accept the charter?Should Worldwide still accept the charter?

McGraw-Hill/Irwin

14-14-2020


Worldwide has no excess capacity, so it Worldwide has no excess capacity, so it should reject the special charter.should reject the special charter.

McGraw-Hill/Irwin

14-14-2121


With excess capacity . . .With excess capacity . . . Relevant costs usually will be the variable Relevant costs usually will be the variable

costs associated with the special order.costs associated with the special order.

Without excess capacity . . .Without excess capacity . . . Same as above but opportunity cost of Same as above but opportunity cost of

using the firm’s facilities for the special using the firm’s facilities for the special order are also relevant.order are also relevant.

McGraw-Hill/Irwin

14-14-2222

Outsource a Product or Service

A decision concerning whether an item A decision concerning whether an item should be produced internally or should be produced internally or

purchased from an outside supplier is purchased from an outside supplier is often called a “make or buy” decision.often called a “make or buy” decision.

Let’s look at another decision faced by the Let’s look at another decision faced by the management of Worldwide Airways.management of Worldwide Airways.

A decision concerning whether an item A decision concerning whether an item should be produced internally or should be produced internally or

purchased from an outside supplier is purchased from an outside supplier is often called a “make or buy” decision.often called a “make or buy” decision.

Let’s look at another decision faced by the Let’s look at another decision faced by the management of Worldwide Airways.management of Worldwide Airways.

McGraw-Hill/Irwin

14-14-2323

Outsource a Product or Service An Atlanta bakery has offered to supply the in-An Atlanta bakery has offered to supply the in-

flight desserts for 21¢ each.flight desserts for 21¢ each. Here are Worldwide’s current cost for desserts:Here are Worldwide’s current cost for desserts:

An Atlanta bakery has offered to supply the in-An Atlanta bakery has offered to supply the in-flight desserts for 21¢ each.flight desserts for 21¢ each.

Here are Worldwide’s current cost for desserts:Here are Worldwide’s current cost for desserts:

McGraw-Hill/Irwin

14-14-2424

Outsource a Product or ServiceNot all of the allocated fixed costs will be savedif Worldwide purchases from the outside bakery.Not all of the allocated fixed costs will be savedif Worldwide purchases from the outside bakery.

McGraw-Hill/Irwin

14-14-2525


If Worldwide purchases the dessert for 21¢, it If Worldwide purchases the dessert for 21¢, it will only save 15¢ so Worldwide will have a will only save 15¢ so Worldwide will have a

lossloss of 6¢ per dessert purchased. of 6¢ per dessert purchased.

If Worldwide purchases the dessert for 21¢, it If Worldwide purchases the dessert for 21¢, it will only save 15¢ so Worldwide will have a will only save 15¢ so Worldwide will have a

lossloss of 6¢ per dessert purchased. of 6¢ per dessert purchased.

Wow, that’sno deal!

McGraw-Hill/Irwin

14-14-2626


Beware of Unit-Cost DataBeware of Unit-Cost DataFor decision-making purposes, unitized fixed For decision-making purposes, unitized fixed

costs can be misleading.costs can be misleading.

Beware of Unit-Cost DataBeware of Unit-Cost DataFor decision-making purposes, unitized fixed For decision-making purposes, unitized fixed

costs can be misleading.costs can be misleading.

McGraw-Hill/Irwin

14-14-2727Add or Drop a Service,

Product, or Department

One of the most important decisions One of the most important decisions managers make is whether to add or drop managers make is whether to add or drop

a product, service or department.a product, service or department.

Let’s look at how the concept of relevant Let’s look at how the concept of relevant costs should be used in such a decision.costs should be used in such a decision.

One of the most important decisions One of the most important decisions managers make is whether to add or drop managers make is whether to add or drop

a product, service or department.a product, service or department.

Let’s look at how the concept of relevant Let’s look at how the concept of relevant costs should be used in such a decision.costs should be used in such a decision.

McGraw-Hill/Irwin

14-14-2828

Add or Drop a Product

Due to the declining popularity of digital Due to the declining popularity of digital watches, Swick Company’s digital watch watches, Swick Company’s digital watch line has not reported a profit for several line has not reported a profit for several

years. An income statement for last year years. An income statement for last year is shown on the next screen.is shown on the next screen.

McGraw-Hill/Irwin

14-14-2929


McGraw-Hill/Irwin

14-14-3030


If the digital watch line is dropped, the fixed If the digital watch line is dropped, the fixed general factory overhead and general general factory overhead and general

administrative expenses will be allocated to other administrative expenses will be allocated to other product lines because they are product lines because they are not avoidablenot avoidable..

If the digital watch line is dropped, the fixed If the digital watch line is dropped, the fixed general factory overhead and general general factory overhead and general

administrative expenses will be allocated to other administrative expenses will be allocated to other product lines because they are product lines because they are not avoidablenot avoidable..

McGraw-Hill/Irwin

14-14-3131


The equipment used to manufacture digital The equipment used to manufacture digital watches has no resale value or alternative use.watches has no resale value or alternative use.

The equipment used to manufacture digital The equipment used to manufacture digital watches has no resale value or alternative use.watches has no resale value or alternative use.

McGraw-Hill/Irwin

14-14-3232


Should Swick retain or dropShould Swick retain or dropthe digital watch segment?the digital watch segment?

McGraw-Hill/Irwin

14-14-3333


McGraw-Hill/Irwin

14-14-3434


McGraw-Hill/Irwin

14-14-3535

Summary

DECISION RULEDECISION RULE

Swick should drop the digital watch segment Swick should drop the digital watch segment only if its fixed cost savings exceed lost only if its fixed cost savings exceed lost

contribution margin.contribution margin.

McGraw-Hill/Irwin

14-14-3636Special Decisions in

Manufacturing Firms

Joint ProductsJoint Products::Sell or Process FurtherSell or Process Further

A joint production process resulting in A joint production process resulting in two or more products. The point in the two or more products. The point in the

production process where the joint production process where the joint products are identifiable as separate products are identifiable as separate products is called the products is called the split-off pointsplit-off point..

Joint ProductsJoint Products::Sell or Process FurtherSell or Process Further

A joint production process resulting in A joint production process resulting in two or more products. The point in the two or more products. The point in the

production process where the joint production process where the joint products are identifiable as separate products are identifiable as separate products is called the products is called the split-off pointsplit-off point..

McGraw-Hill/Irwin

14-14-3737

Cocoa beansCocoa beanscosting $500costing $500

per tonper ton

Joint ProductionJoint Productionprocess costingprocess costing

$600 per ton$600 per ton

Cocoa butterCocoa buttersales valuesales value$750 for$750 for

1,500 pounds1,500 pounds

Cocoa powderCocoa powdersales valuesales value$500 for$500 for

500 pounds500 pounds

SeparableSeparableprocessprocesscostingcosting$800$800

Instant cocoaInstant cocoamix mix sales valuesales value

$2,000 for$2,000 for500 pounds500 pounds

Joint ProcessingJoint Processingof Cocoa Beanof Cocoa Bean

Joint ProcessingJoint Processingof Cocoa Beanof Cocoa Bean

Total joint cost:Total joint cost:$1,100 per ton$1,100 per ton

Split-off pointSplit-off point

McGraw-Hill/Irwin

14-14-3838

Joint Products

Relative Sales Value MethodRelative Sales Value Method

McGraw-Hill/Irwin

14-14-3939

Joint Products


$750 ÷ $1,250 = 60%$750 ÷ $1,250 = 60%

McGraw-Hill/Irwin

14-14-4040

Joint Products


60% × $1,100 = $66060% × $1,100 = $660

McGraw-Hill/Irwin

14-14-4141

Joint Products


McGraw-Hill/Irwin

14-14-4242

Joint Products

Cocoa butter is sold at the end of the joint Cocoa butter is sold at the end of the joint processing.processing.

Cocoa powder may be sold now or processed Cocoa powder may be sold now or processed into instant cocoa mix. Further processing into instant cocoa mix. Further processing costs of $800 will be incurred if the company costs of $800 will be incurred if the company elects to make instant cocoa mix.elects to make instant cocoa mix.

Cocoa butter is sold at the end of the joint Cocoa butter is sold at the end of the joint processing.processing.

Cocoa powder may be sold now or processed Cocoa powder may be sold now or processed into instant cocoa mix. Further processing into instant cocoa mix. Further processing costs of $800 will be incurred if the company costs of $800 will be incurred if the company elects to make instant cocoa mix.elects to make instant cocoa mix.

McGraw-Hill/Irwin

14-14-4343

Joint Products

The cocoa powder should beThe cocoa powder should be processed into instant cocoa mix.processed into instant cocoa mix.

McGraw-Hill/Irwin

14-14-4444Decisions Involving Limited

ResourcesFirms often face the problem of deciding how Firms often face the problem of deciding how

limited resources are going to be used.limited resources are going to be used.Usually, fixed costs are not affected by this Usually, fixed costs are not affected by this

decision, so management can focus on decision, so management can focus on maximizing total contribution margin.maximizing total contribution margin.

Let’s look at the Martin, Inc. example.Let’s look at the Martin, Inc. example.

Firms often face the problem of deciding how Firms often face the problem of deciding how limited resources are going to be used.limited resources are going to be used.

Usually, fixed costs are not affected by this Usually, fixed costs are not affected by this decision, so management can focus on decision, so management can focus on maximizing total contribution margin.maximizing total contribution margin.

Let’s look at the Martin, Inc. example.Let’s look at the Martin, Inc. example.

McGraw-Hill/Irwin

14-14-4545

Limited ResourcesMartin, Inc. produces two products and selected Martin, Inc. produces two products and selected

data is shown below:data is shown below:

McGraw-Hill/Irwin

14-14-4646

Limited Resources

The lathe is the scarce resource because there The lathe is the scarce resource because there is excess capacity on other machines. The is excess capacity on other machines. The lathe is being used at 100% of its capacity.lathe is being used at 100% of its capacity.

The lathe capacity is 2,400 minutes per week.The lathe capacity is 2,400 minutes per week.

Should Martin focus its effortsShould Martin focus its effortson Webs or Highs?on Webs or Highs?

The lathe is the scarce resource because there The lathe is the scarce resource because there is excess capacity on other machines. The is excess capacity on other machines. The lathe is being used at 100% of its capacity.lathe is being used at 100% of its capacity.

The lathe capacity is 2,400 minutes per week.The lathe capacity is 2,400 minutes per week.

Should Martin focus its effortsShould Martin focus its effortson Webs or Highs?on Webs or Highs?

McGraw-Hill/Irwin

14-14-4747

Limited ResourcesLet’s calculate the contribution margin per unit of Let’s calculate the contribution margin per unit of

the scarce resource, the lathe.the scarce resource, the lathe.

McGraw-Hill/Irwin

14-14-4848



McGraw-Hill/Irwin

14-14-4949



Highs should be emphasized. It is the more valuable use of the scarce resource the lathe, yielding a

contribution margin of $30 per minute as opposed to $24 per minute for the Webs.

Highs should be emphasized. It is the more valuable use of the scarce resource the lathe, yielding a

contribution margin of $30 per minute as opposed to $24 per minute for the Webs.

McGraw-Hill/Irwin

14-14-5050



If there are no other considerations, the best plan would If there are no other considerations, the best plan would be to produce to meet current demand for Highs and be to produce to meet current demand for Highs and then use any capacity that remains to make Webs.then use any capacity that remains to make Webs.

If there are no other considerations, the best plan would If there are no other considerations, the best plan would be to produce to meet current demand for Highs and be to produce to meet current demand for Highs and then use any capacity that remains to make Webs.then use any capacity that remains to make Webs.

McGraw-Hill/Irwin

14-14-5151

Limited ResourcesLet’s see how this plan would work.Let’s see how this plan would work.

McGraw-Hill/Irwin

14-14-5252

Limited ResourcesAccording to the plan, Martin will produce 2,200 According to the plan, Martin will produce 2,200

Highs and 1,300 Webs. Martin’s contribution Highs and 1,300 Webs. Martin’s contribution margin looks like this.margin looks like this.

The total contribution margin for Martin, Inc. is $64,200.The total contribution margin for Martin, Inc. is $64,200.Any other combination would result in less contribution.Any other combination would result in less contribution.The total contribution margin for Martin, Inc. is $64,200.The total contribution margin for Martin, Inc. is $64,200.Any other combination would result in less contribution.Any other combination would result in less contribution.

McGraw-Hill/Irwin

14-14-5353

Theory of Constraints

Binding constraints can limit a company’s Binding constraints can limit a company’s profitability.profitability.

To relax constraints management can . . .To relax constraints management can . . .

OutsourceOutsourceOutsourceOutsource Work overtimeWork overtimeWork overtimeWork overtime

Retrain employeesRetrain employeesRetrain employeesRetrain employees Reduce non-value-Reduce non-value-added activitiesadded activities

Reduce non-value-Reduce non-value-added activitiesadded activities

McGraw-Hill/Irwin

14-14-5454

Uncertainty

One common technique for addressing the One common technique for addressing the impact of uncertainty isimpact of uncertainty is

sensitivity analysis sensitivity analysis -- a way to determine a way to determine what would happen in a decision analysis what would happen in a decision analysis if a key prediction or assumption proved to if a key prediction or assumption proved to

be wrong.be wrong.

One common technique for addressing the One common technique for addressing the impact of uncertainty isimpact of uncertainty is

sensitivity analysis sensitivity analysis -- a way to determine a way to determine what would happen in a decision analysis what would happen in a decision analysis if a key prediction or assumption proved to if a key prediction or assumption proved to

be wrong.be wrong.

McGraw-Hill/Irwin

14-14-5555

Expected Values

From the last example, recall the the contribution From the last example, recall the the contribution margin for Webs was $24 and $15 for Highs.margin for Webs was $24 and $15 for Highs.

Due to uncertainty, assume Martin has the followingDue to uncertainty, assume Martin has the followingprobable contribution margins for the two products.probable contribution margins for the two products.

WebsWebs HighsHighs

McGraw-Hill/Irwin

14-14-5656

Expected Values

From our last example, recall the the contribution From our last example, recall the the contribution margin for Webs was $24 and $15 for Highs.margin for Webs was $24 and $15 for Highs.

Due to uncertainty, assume we have the followingDue to uncertainty, assume we have the followingprobable contribution margins for the two products.probable contribution margins for the two products.

WebsWebs HighsHighs

Martin would use the expected valueMartin would use the expected valuecontribution margins in its decision aboutcontribution margins in its decision about

utilizing its limited resource - the lathe.utilizing its limited resource - the lathe.

Martin would use the expected valueMartin would use the expected valuecontribution margins in its decision aboutcontribution margins in its decision about

utilizing its limited resource - the lathe.utilizing its limited resource - the lathe.

McGraw-Hill/Irwin

14-14-5757

Other Issues in Decision Making

Incentives forDecision Makers

Incentives forDecision Makers

Short-RunVersus

Long-RunDecisions

Short-RunVersus

Long-RunDecisions

McGraw-Hill/Irwin

14-14-5858

Other Issues in Decision Making

Pitfalls to AvoidPitfalls to Avoid

SunkSunkcosts.costs.SunkSunkcosts.costs.

UnitizedUnitizedfixed costs.fixed costs.

UnitizedUnitizedfixed costs.fixed costs.

AllocatedAllocatedfixed costs.fixed costs.AllocatedAllocated

fixed costs.fixed costs.

OpportunityOpportunitycosts.costs.

OpportunityOpportunitycosts.costs.

McGraw-Hill/Irwin

14-14-5959

End of Chapter 14

mcgraw-hill/irwin 14-1 decision making: decision making: relevant costs and benefits relevant costs...

Documents