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COST PROFIT VOLUME ANALYSIS
Cost profit volume (CVP) analysis is an essential tool for profit planning. It can be explained as - ' a managerial tool showing the relationship among various ingredients of profit planning, that is, cost (fixed and variable), volume and selling price of activity. It presents information regarding-
1. Quantity of production and sales for a target profit level
2. Behavior in relation to volume
3. Amount of profit for a projected sales volume
4. Sensitivity of profits due to variation in output
5. Volume of production or sales, where the business will break even.
In early July, Mike Gottfried purchased a $70 ticket to the December 15 game of the Chicago Titans. (The Titans belong to the Midwest Football League and play their games outdoors
ANALYSIS OF VARIANCE When the actual are not similar from the standards, variance exists. Variance may be unfavorable or favorable. When the actual cost is more than the standa
Material Price Variance (MPV) This may be described as the difference amoung the actual price and the standard price of the materials consumed. MPV = Actual quantity used (S
Direct material yield variance (MYV) : It has been described by the ICMA, London, as 'the variation between the standard yield of the actual material input and the actual yi
to determine product cost:
Loring Company had the following data for the month: Variable costs per unit: Direct Materials $4 Direct Labor 3.20 Variable Overhead 1 Variable selling expense 0.40 Fixed Ov
During the dinner hour, the distribution of the inter-arrival time of customers at Burger Barn is predictable to be as follows: Inter-arrival Time Probabi
Specific Order Costing This is a broad costing system that is applicable where work jobs consist of separate jobs, batches or contracts. Every job or contract or batch is a c
) Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balance: Raw material inventory 332400 Wo
importance of classifying cost accounting
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