Managerial Accounting Fundamentals Discussion
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- Cost Structures and Classification (5 points):
a. Explain the difference between fixed and variable costs in a manufacturing context. Provide two examples of each.
b. How does understanding cost behavior (fixed vs. variable) assist a manager in decision-making? - Cost-Volume-Profit Analysis (CVP) (10 points):
a. Define the breakeven point in CVP analysis and explain its significance for a manufacturing company.
b. Given a scenario where a company has fixed costs of $300,000, variable costs per unit of $25, and a selling price of $60 per unit, calculate the breakeven point in units and dollars. - Product Pricing and Strategies (8 points):
a. List and describe three factors a manufacturing company should consider when setting the price for its products.
b. In a competitive market, how might a company adjust its pricing strategy to gain a competitive advantage? - Make or Buy Decisions (7 points):
a. Outline the key factors a company should evaluate when deciding whether to make a component in-house or buy it from an external supplier.
b. If a manufacturing company can produce a component for $30 per unit or buy it for $25 per unit, what should they choose, and why? - Budgeting and Performance Evaluation (10 points):
a. Describe the purpose of a budget in managerial accounting and how it aids in performance evaluation.
b. If a company budgeted $1,500,000 in sales revenue and achieved $1,600,000 in actual sales, what type of variance is this, and how should management respond? - Inventory Management (8 points):
a. Explain the principles of Just-In-Time (JIT) inventory management and its benefits.
b. Calculate the Economic Order Quantity (EOQ) for a product with an annual demand of 12,000 units, holding costs of $8 per unit, and ordering costs of $500 per order. - Capital Budgeting and Investment Decisions (12 points):
a. Define Net Present Value (NPV) and Internal Rate of Return (IRR) as methods used for evaluating long-term investments.
b. Given an investment opportunity with an initial cost of $500,000 and projected cash flows of $150,000 per year for 5 years, calculate the NPV and IRR, and provide recommendations based on your findings.
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