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Operating leverage is the condition whereby a small percentage increase in sales volume can produce a significantly higher percentage increase in profitability. It is the result of fixed cost behavior and measures the extent to which fixed costs are being used. The higher the proportion of fixed cost to total cost the greater the operating leverage. As sales increase, fixed cost does not increase proportionately but stays the same, allowing greater profits with the increased volume.
Operating leverage is calculated by dividing the contribution margin by net income. The result is the number of times greater The concept of operating leverage is limited in predicting profitability because in practice, changes in sales volume are usually related to changes in sales price, variable costs, and fixed costs, which all affect profitability.
With increasing volume a company would benefit more from a fixed cost structure because of operating leverage, where each sales dollar represents pure profit once fixed costs are covered. If volume is decreasing, the variable cost structure would be more advantageous because costs would decrease proportion- ately with decreases in volume. With a pure fixed cost struc- ture, costs stay constant even when sales revenue is decreas- ing, eventually resulting in a loss. Economies of scale are possible when the size of an operation is increased.
Increases in size correspond to increases in volume, which reduces the unit cost of production because of fixed cost behavior. Economies of scale are found in businesses that are capital intensive businesses that have a higher percentage of their assets in long-term operational assets that result in large amounts of fixed depreciation cost , e.
Fixed costs can provide financial rewards with increases in volume, since increases in volume reduce fixed costs per unit, thereby increasing profits. The risk involved with fixed costs is that decreases in volume are not accompanied by decreases in costs, eventually resulting in losses. Fixed costs can provide financial rewards with increases in volume, since increases in volume do not cause corresponding increases in fixed costs.
This kind of cost behavior results in increasing profits decreases in cost per unit. But this does not mean that companies with a fixed cost structure will be more profitable. Predominately fixed cost structures entail risks. Decreases in volume are not accompanied by decreases in costs, which can eventually result in losses increases in cost per unit.
The definitions of both fixed and variable costs are based on volume being within the relevant range normal range of activi- ty. If volume is outside the relevant range, fixed costs may in- crease in total if volume increases require that additional fixed assets be acquired whereby, depreciation charges would in- crease. Likewise, variable costs may decrease per unit if in- creases in volume allow quantity discounts on materials.
In- creases or decreases in volume that are outside the relevant range can invalidate the definitions of fixed and variable costs. The average is more relevant for pricing purposes. Customers want standardized pricing in order to know the price of a service in advance.
Average cost is also more relevant for performance evaluation and for control purposes. Knowing the actual cost of each service is usually of little value in evaluating cost efficiency and knowing when to take corrective action. The high-low method is the appropriate method when simplicity is more important than accuracy. Least squares regression is more appropriate when accuracy is more important.
A fixed cost structure would have more risk because profits vary more with changes in volume. Small changes in volume can cause dramatic changes in profits. In addition, with a fixed cost structure, losses occur until fixed costs are covered. Given high fixed costs, a company would need high volume to reap the rewards associated with this cost structure. The president appears to be in error because fixed costs frequently can be changed. For example, fixed costs such as advertising expense, training, and product improvement result from short-term decisions and may be easily changed.
While it is more difficult, even fixed costs such as depreciation expense can be reduced and changed by selling long-term assets. The statement is false for two reasons. More importantly, the statement ignores the concept of relevant range. The terms fixed cost and variable cost apply over some level of activity within which the company normally operates.
Accordingly, the definitions of fixed and variable costs only apply within the relevant range. Secondly, even if a business ceases operations and produces zero products, it incurs some fixed costs such as property taxes, maintenance, and insurance.
Norel could calculate the average heating cost by dividing total annual expected heating cost by total annual production. The result could then be multiplied by monthly production to determine the amount of monthly heating cost to assign to inventory. This procedure would have the effect of averaging the seasonal fluctuations and would, therefore, result in a more stable unit cost figure.
Verna is confused because the terms apply to total cost rather than to per unit cost. Total fixed cost remains constant regardless of the level of production. Total variable cost increases or decreases as production increases or decreases.
Verna is correct in her description of unit cost behavior. She is incorrect about the use of the terms, for the reasons above. Exercise A Total Fixed Cost: Exercise A a. Since the total rent cost remains unchanged when the number of units produced changes, it is a fixed cost. Since the total utility cost changes in direct proportion with changes in the number of units, it is a variable cost.
The total cost per unit declines as volume increases because the same amount of fixed cost is spread over an increasingly larger number of units of product. Accordingly, there is a potential for Moore to experience a significant financial loss. Since the cost per ticket decreases as volume increases, Moore can sell tickets for less if the band attracts a large crowd. Also, lower ticket prices encourage higher attendance.
Moore must set a price that encourages attendance and produces sufficient revenue to cover the fixed cost and provide a reasonable profit. To minimize the risk, Moore could possibly change that structure. For instance, Moore may want to negotiate with the band to set a flexible compensation scheme.
The band may be paid a particular percentage of the revenue instead of a fixed fee. In other words, the cost structure could be changed from fixed to variable.
Solutions by Chapter
On the other hand, the variable cost structure does not allow Moore to benefit from operating leverage thereby limiting profitability. Therefore, there is a risk of lost profitability. Risk minimization does not mean risk elimination altogether.
Since the total cost of shirts increases proportionately to the number of shirts sold, it is a variable cost. The cost and the revenue are both variable if Moore can return unsold shirts. As long as the selling price is greater than the cost per shirt, Moore will make a profit. However, it is impossible to know for sure how many shirts will be eventually sold.
Moore should set a competitive price for quality T-shirts.
Advertising may be necessary to attract customers. The ultimate goal is to generate the maximum profit. Exercise A Begin by calculating the fixed cost based on the March sales. Calculate the fixed cost by subtracting the variable cost from the total cost. April Total costs incurred Less: Accordingly, this cost will be the same for all of the months under consideration. Fixed costs Administrative salaries Advertising expense Depreciation expense Net income. A 10 percent increase in sales revenue will produce a Exercise A The price charged should be the same for each month regardless of how many customers are served.
Accordingly, the fixed cost must be averaged over the annual total number of campers. Using a cost plus pricing strategy, the price would be set as follows: The appropriate computations are shown below: Computation of fixed cost per unit: The fixed cost can be determined by the following formula.
The computations shown below are based on the high point. Computations at the low point would produce the same result. The primary strength of the high-low method is that it is easy to compute. The primary weakness of the method is that it uses only two data points in the computation of the cost estimates. Accuracy can be affected if the two data points used are not representative of the underlying data set. A visual fit scattergraph reveals data points that are not representative of the underlying data set.
The management accountant can adjust for such outliers when drawing the line that determines the cost estimates.
Type of Cost: Exercise A continued b. Since the total labor cost increases proportionately with the number of houses cleaned, it is a variable cost. Since the total cost of supplies increases proportionately with the number of houses cleaned, supplies cost is a variable cost.
The amount of total cost shown below was determined in part d. The decline in the cost per unit is caused by the fixed cost behavior that is applicable to the equipment rental.
Buchanan means average cost per unit. It would be virtually impossible to determine actual cost per unit. Consider these questions. Exactly how much window cleaner was used in one house versus another? Did the maids stay in one house a few minutes longer than another? Obviously, it would not be practical to determine the exact cost of cleaning any specific house. The average cost is much easier to determine and more practical for pricing purposes.
If a branch fails to process at least 60, transactions, the branch is closed. Branches that process more than 90, transactions are transferred out of the start-up division. Accordingly, the relevant range is 60, to 90, transactions. Since the total teller cost increases proportionately with the number of branches in operation, the cost is a variable cost.
Problem A a. The cost of booth space is fixed. The cost of booth space is variable. The cost would be treated as a variable cost for decision making purposes. While it is not purely proportional, its behavior pattern closely approximates a variable cost pattern. Problem A Part 1 a. Operating leverage caused the percentage increase in profitability to be greater than the percentage increase in revenue.
Since the fixed costs have been covered and no variable costs exist, each additional dollar of revenue contributes directly to additional profitability. Part 2 f. Since the total cost changes proportionately with changes in the number of students, the cost of instruction is a variable cost. Problem A continued g.
Percentage Change in Revenue: Since costs as well as revenue change with changes in the number of students attending the course, the change in profit is proportional to the change in revenue. Part 3 k. Since the workbooks must be produced in advance, the total cost is incurred before any workbook is sold.
Subsequently, the number of workbooks sold does not affect the total cost. This is, therefore, a fixed cost. RTS faces the risk of producing too many or too few workbooks. When too many are produced, the company will incur expenses due to waste. When too few are produced, the company will miss the opportunity to earn additional profits.
Also, RTS faces risk associated with incurring holding costs such as storage, maintenance, and interest. A just-in-time inventory system would produce goods as needed to meet sales demand. Accordingly, there would be no risk of over or under production. Further, there would be no stockpiling of inventory; therefore inventory holding costs such as storage, maintenance, and interest would be avoided.
Accordingly, the increase in the number of students did not increase the total cost of instruction. In contrast, the cost of instruction for Diego is variable. As a result, when the number of students increased, the total cost of instruction increased as well. Since the increase in revenue was not sufficient to cover the increase in the cost of instruction, the strategy in Requirement c produced a loss.
When volume is insufficient to produce revenue that is above the level of fixed cost, the enterprise will produce a loss. This condition is demonstrated in Requirement e above.
The loss could be avoided if the cost of instruction were variable. Accordingly, fixed costs are not always better than variable costs. When the revenue per unit is below the variable cost per unit, the enterprise will incur additional losses for each unit produced and sold. This condition is depicted in Requirement c above. As demonstrated in Requirement b lower per unit revenue can be offset by increases in sales volume when costs are fixed.
Accordingly, variable costs are not always better than fixed costs. The following memo is just an example. Students can form different opinions from their analyses. However, the main focus of the analyses should be the risk and reward relationship as demonstrated by the data of the two investment opportunities. Memorandum TO: September 29, I have evaluated the income statements of Wood and Lake. Even though both companies have the same amounts of sales and net income last year, the risk and reward structures of the two companies are quite different.
If the economy prospers in the long run, Lake will be the better choice for investment. Otherwise, Wood will be better. A more rational pricing policy would base the computation of average cost on weekly totals.
Total expected attendance for the week is 4, This pricing structure is unrealistic. It suggests that higher prices should be charged when demand is low. If implemented, the pricing policy would likely drive the small number of Wednesday night customers away.
Ncert solutions for class 4 computer science
Problem A Using information from a single climb can distort the predictive value of the data because certain variables may not represent normal averages. For example, the most recent climb served 10 climbers. The average number of climbers that normally makes a trip could be larger or smaller than the number that made the most recent trip. While recent data is more relevant, it can be distorted if the time frame is too short to provide representative results.
Similarly, data that is too old may not be representative. For example, the cost of equipment, salaries, and food is likely different today as compared to five years ago.
Accordingly, the data drawn from the one-year average is likely to provide the best indication of future conditions. Additional factors to be considered for pricing strategies include market demand, competition, and the general economy. October 1, I have evaluated the Company's data about cost per climb over three different time periods: It is my recommendation that the cost per climb data over the one-year period be used for pricing decisions. The recent climb data pertains to only 10 climbers, a small number that may not represent normal operation.
The five-year climb data extends too far to the past periods that may not reflect the current costs of operations. The one-year climb data represents an appropriate base for our cost estimation of the coming year. I suggest that you consider other factors such as future market demand, competition, and the general economy to adjust the cost estimate and devise a successful pricing strategy.
The results of the two methods are very similar.SlideShare Explore Search You. Exercise A Begin by calculating the fixed cost based on the March sales. Since the total depreciation cost remains unchanged when the number of units produced changes, it is a fixed cost.
Certified Management Accountants CMA must complete a specified number of continuing professional education credits each reporting period. For instance, Toliver may want to negotiate with the booth owner to set a flexible rental plan.
The soft drink cost and the revenue are both variable. Select the incorrect statement regarding costs and expenses. Most manufacturers would classify the sandpaper as direct material because it is physically consumed in the production process. Revenue Cost of speaker Net income.
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