1. Distinguish between variable and fixed costs both on a per unit and total basis (graphs may be used to assist in explanation). 2. Identify any three (3) basic assumptions of CVP Analysis. 3. Briefly explain the term sales mix.
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- 2. The following total cost graphs indicate which type of cost behavior? A. VARIABLE COST B. FIXED COST C. MIXED COST D. STEP COST1. Provide examples of how cost–volume–profit analysis can be used for decision-making.2. Explain what is meant by the term ‘relevant range’. 3. Define the term ‘contribution margin’. 4. Define the term ‘profit–volume ratio’ and explain how it can be used for cost–volume–profit analysis. 5. Describe and distinguish between the three different approaches to presenting cost–volume–profit relationships in graphical format.QUESTION ONE Explain what is meant by the term ‘relevant range’. and Define the term ‘contribution margin’. Define the term ‘profit–volume ratio’ and explain how it can be used for cost–volume–profit analysis. Describe and distinguish between the three different approaches to presenting cost–volume–profit relationships in graphical format.
- Which of the following statements is true? Select one: O a. The most complex of the cost estimation methods is the high-low method. O b. Engineering approach approximates cost function by classifying each account as either variable or fixed based on the analyst's knowledge of how the account behaves. C The high-low method of deriving an estimated cost line uses all the data points available. O d. In approximating the cost function, the account analysis classifies costs based upon an industrial engineer's evaluation of production methods, and material, labor, and overhead requirements. O e. The high-low method is used to derive an estimated line of cost behavior by graphically connecting the two cost amounts identified with the highest and lowest volume levels..Which of the following is the format of the income statement that is MOST useful in decision-making? Select one: A.Contribution margin format B.Absorption costing format C.Single-step format D.Multiple-step formatCOSTING METHOD. 1. What is average cost method? 2. What is FIFO cost method?
- List the most important assumptions of cost-volume-profit analysis.Discuss the difference between the revaluation model and cost model in detail.Which of the following is the format of the income statement that is MOST useful in decision-making? Select one: A. Multiple-step format B. Absorption costing format C. Single-step format D. Contribution margin format