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Profit Reporting for Profit Reporting for Management AnalysisManagement Analysis
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1. Describe and illustrate income reporting under variable costing and absorption costing.
2. Describe and illustrate income analysis under variable costing and absorption costing.
3. Describe and illustrate management’s use of variable costing and absorption costing for controlling costs, pricing products, planning production, analyzing market segments, and analyzing contribution margins.
ObjectivesObjectivesObjectivesObjectives
ObjectivesObjectivesObjectivesObjectives
4. Illustrate contribution margin reporting for products, territories, and salespersons.
5. Explain changes in contribution margin as a result of quantity and price factors.
6. Describe and illustrate contribution margin reporting and analysis for service firms.
Two Costing MethodsTwo Costing Methods
Used for external financial reporting
Includes direct materials, direct labor, variable factory overhead, and fixed factory overhead as part of total product cost
Absorption CostingAbsorption Costing
Two Costing MethodsTwo Costing Methods
Variable CostingVariable Costing Used for internal planning and decision
making Does not include fixed factory overhead
as a product cost
Absorption Costing Compared to Absorption Costing Compared to Variable CostingVariable Costing
Variable Costing
Absorption Costing
Cost of Goods ManufacturedCost of Goods Manufactured
Cost of Goods ManufacturedCost of Goods Manufactured
DirectDirectMaterialsMaterials
DirectDirectLaborLabor
VariableVariableFactory OHFactory OH
FixedFixedFactory OHFactory OH
Period ExpensePeriod Expense
Variable Costing Income StatementSales (15,000 x $50) $750,000Variable cost of goods sold:
Variable cost of goods mfg.(15,000 x $25) $375,000
Less ending inventory 0Variable cost of goods sold 375,000
Manufacturing margin $375,000Variable selling and administrative
expenses (15,000 x $5) 75,000Contribution margin $300,000Fixed costs:
Fixed manufacturing costs $150,000Fixed selling and administrative
expenses 50,000 200,000Income from operations $100,000
Units Manufactured Equal Units SoldUnits Manufactured Equal Units Sold
Sales (15,000 x $50) $750,000Cost of goods sold: Cost of goods manufactured
(15,000 x $35) $525,000Less ending inventory 0Cost of goods sold 525,000
Gross profit $225,000Selling and administrative expenses
($75,000 + $50,000) 125,000Income from operations $100,000
Sales (15,000 x $50) $750,000Cost of goods sold: Cost of goods manufactured
(15,000 x $35) $525,000Less ending inventory 0Cost of goods sold 525,000
Gross profit $225,000Selling and administrative expenses
($75,000 + $50,000) 125,000Income from operations $100,000 Income from operations $100,000
Absorption Costing Income Statement
Units Manufactured Equal Units SoldUnits Manufactured Equal Units Sold
When the number of units manufactured equals the number of units sold, income from operations will be
the same under both methods.
Variable Costing Income Statement
Sales (12,000 x $50) $600,000Variable cost of goods sold:
Variable cost of goods manufactured (15,000 x $25) $375,000
Less ending inventory (3,000 x $25) 75,000 Variable cost of goods sold 300,000
Manufacturing margin $300,000Variable selling and admin. expenses 60,000Contribution margin $240,000Fixed costs:
Fixed manufacturing costs $150,000Fixed selling and admin. expenses 50,000 200,000
Income from operations $ 40,000
Units Manufactured Exceed Units SoldUnits Manufactured Exceed Units Sold
Absorption Costing Income StatementSales (12,000 x $50) $600,000Cost of goods sold:
Cost of goods manufactured (15,000 x $35) $525,000
Less ending inventory (3,000 x $35) 105,000 Cost of goods sold 420,000
Gross profit $180,000Selling and administrative expenses [(12,000 x $5) + $50,000] 110,000Income from operations $ 70,000
Units Manufactured Exceed Units SoldUnits Manufactured Exceed Units Sold
Operating Income:Absorption costing $70,000Variable costing 40,000 Difference $30,000
Units Manufactured Exceed Units SoldUnits Manufactured Exceed Units Sold
Why is absorption costing income higher when units manufactured exceed units sold?
Why is absorption costing income higher when units manufactured exceed units sold?
Analysis:Units manufactured 15,000Units sold 12,000Ending inventory units 3,000Fixed cost per unit x $10 Difference $30,000
Units Manufactured Exceed Units SoldUnits Manufactured Exceed Units Sold
Operating Income:Absorption costing $70,000Variable costing 40,000 Difference $30,000
Sales (15,000 x $50) $750,000Variable cost of goods sold:
Beginning inventory (5,000 x $25) $125,000Variable cost of goods manufactured
(10,000 x $25) 250,000 375,000Manufacturing margin $375,000Variable selling and admin. expenses 75,000Contribution margin $300,000Fixed costs:
Fixed manufacturing costs $150,000Fixed selling and admin. expenses 50,000 200,000
Income from operations $100,000
Units Manufactured Are Less Than Units SoldUnits Manufactured Are Less Than Units SoldVariable Costing Income Statement
Sales (15,000 x $50) $750,000Variable cost of goods sold:
Beginning inventory (5,000 x $25) $125,000Variable cost of goods manufactured
(10,000 x $25) 250,000 375,000Manufacturing margin $375,000Variable selling and admin. expenses 75,000Contribution margin $300,000Fixed costs:
Fixed manufacturing costs $150,000Fixed selling and admin. expenses 50,000 200,000
Income from operations $100,000
Units Manufactured Are Less Than Units SoldUnits Manufactured Are Less Than Units SoldVariable Costing Income Statement
Sales (15,000 x $50) $750,000Cost of goods sold:
Beginning inventory (5,000 x $35) $175,000Cost of good manufactured
(10,000 x $45) 400,000Cost of goods sold 575,000
Gross profit $175,000Selling and administrative expenses
($75,000 + $50,000) 125,000Income from operations $ 50,000
Absorption Costing Income StatementUnits Manufactured Are Less Than Units SoldUnits Manufactured Are Less Than Units Sold
Operating Income:Variable costing $100,000Absorption costing 50,000 Difference $ 50,000
Units Manufactured Are Less Than Units SoldUnits Manufactured Are Less Than Units Sold
Why is variable costing income higher when units manufactured are
less than units sold?
Why is variable costing income higher when units manufactured are
less than units sold?
Units Manufactured Are Less Than Units SoldUnits Manufactured Are Less Than Units Sold
Analysis:Units sold 15,000Units manufactured 10,000Ending inventory units 5,000Fixed cost per unit x $10 Difference $50,000
Operating Income:Variable costing $100,000Absorption costing 50,000 Difference $ 50,000
IFIF Units Sold < Units produced
THENTHEN Variable Costing < Absorption CostingIncome Income
IFIF Units Sold > Units produced
THENTHEN Variable Costing > Absorption CostingIncome Income
Income Analysis Under Variable Income Analysis Under Variable Costing and Absorption CostingCosting and Absorption Costing
Income Analysis Under Variable Income Analysis Under Variable Costing and Absorption CostingCosting and Absorption Costing
Frand Manufacturing Company has no beginning
inventory and sales are estimated to be 20,000 units at
$75 per unit, regardless of production levels.
Frand Manufacturing Company has no beginning
inventory and sales are estimated to be 20,000 units at
$75 per unit, regardless of production levels.
Income Analysis Under Variable Income Analysis Under Variable Costing and Absorption CostingCosting and Absorption Costing
Income Analysis Under Variable Income Analysis Under Variable Costing and Absorption CostingCosting and Absorption Costing
Proposal 1: 20,000 Units to Be Manufactured and Sold
Total Cost Unit CostManufacturing costs:
Variable $ 700,000 $35Fixed 400,000 20 Total costs $1,100,000 $55
Selling and administrative exp.Variable ($5 per unit sold) $ 100,000Fixed 100,000 Total expenses $ 200,000
Income Analysis Under Variable Income Analysis Under Variable Costing and Absorption CostingCosting and Absorption Costing
Income Analysis Under Variable Income Analysis Under Variable Costing and Absorption CostingCosting and Absorption Costing
Total Cost Unit CostManufacturing costs:
Variable $ 875,000 $35Fixed 400,000 16 Total costs $1,275,000 $51
Selling and administrative exp.Variable ($5 per unit sold) $ 100,000Fixed 100,000 Total expenses $ 200,000
Proposal 2: 25,000 Units to Be Manufactured; 20,000 Units to Be Sold
Frand Manufacturing CompanyAbsorption Costing Income Statements
20,000 Units Manufactured
25,000 Units Manufactured
$35 + ($400,000 ÷ 20,000)
Sales $1,500,000 $1,500,000Cost of goods sold:
Cost of goods manufactured(20,000 units x $55) $1,100,000
Frand Manufacturing CompanyAbsorption Costing Income Statements
20,000 Units Manufactured
25,000 Units Manufactured
Sales $1,500,000 $1,500,000Cost of goods sold:
Cost of goods manufactured(20,000 units x $55) $1,100,000(25,000 units x $51) $1,275,000
$35 + ($400,000 ÷ 25,000)
Frand Manufacturing CompanyAbsorption Costing Income Statements
20,000 Units Manufactured
25,000 Units Manufactured
Sales $1,500,000 $1,500,000Cost of goods sold:
Cost of goods manufactured(20,000 units x $55) $1,100,000(25,000 units x $51) $1,275,000
Less ending inventory:(5,000 units x $51) 255,000
Cost of goods sold $1,100,000 $1,020,000Gross profit $ 400,000 $ 480,000Selling and administrative expenses
($100,000 + $100,000) 200,000 200,000Income from operations $ 200,000$ 200,000 $ 280,000$ 280,000
Now, assume that Frand Manufacturing uses variable costing.
Now, assume that Frand Manufacturing uses variable costing.
Frand Manufacturing CompanyVariable Costing Income Statements
20,000 Units Manufactured
25,000 Units Manufactured
Sales $1,500,000 $1,500,000Variable cost of goods sold:
Variable cost of goods manufactured:(20,000 units x $35) $ 700,000(25,000 units x $35) $ 875,000
Direct materials, direct labor, and variable manufacturing overhead only.
Frand Manufacturing CompanyVariable Costing Income Statements
20,000 Units Manufactured
25,000 Units Manufactured
Sales $1,500,000 $1,500,000Variable cost of goods sold:
Variable cost of goods manufactured:(20,000 units x $35) $ 700,000(25,000 units x $35) $ 875,000
Less ending inventory:(0 units x $35) 0(5,000 units x $35) 175,000
Variable cost of goods sold $ 700,000 $ 700,000Manufacturing margin $ 800,000 $ 800,000
ContinuedContinuedContinuedContinued
Frand Manufacturing CompanyVariable Costing Income Statements
20,000 Units Manufactured
25,000 Units Manufactured
Manufacturing margin $ 800,000 $ 800,000Variable selling and administrative
expenses 100,000 100,000Contribution margin $ 700,000 $ 700,000Fixed costs:
Fixed manufacturing costs $ 400,000 $ 400,000Fixed selling and administrative
expenses 100,000 100,000Total fixed costs $ 500,000 $ 500,000
Income from operations $ 200,000 $ 200,000
What would be the income from operations if the firm manufactured 30,000 units?
What would be the income from operations if the firm manufactured 30,000 units?
Frand Manufacturing CompanyVariable Costing Income Statements
30,000 Units Manufactured
Sales $1,500,000Variable cost of goods sold:
Variable cost of goods manufactured:(30,000 units x $35) $1,050,000
Less ending inventory:(10,000 units x $35) 350,000
Variable cost of goods sold $ 700,000Manufacturing margin $ 800,000
ContinuedContinuedContinuedContinued
Frand Manufacturing CompanyVariable Costing Income Statements
30,000 Units Manufactured
Manufacturing margin $ 800,000Variable selling and administrative
expenses 100,000Contribution margin $ 700,000Fixed costs:
Fixed manufacturing costs $ 400,000Fixed selling and administrative
expenses 100,000Total fixed costs $ 500,000
Income from operations $ 200,000
Management’s Use of Costing MethodsManagement’s Use of Costing MethodsManagement’s Use of Costing MethodsManagement’s Use of Costing Methods
1. Controlling costs
2. Pricing products
3. Planning production
4. Analyzing market segments
5. Analyzing contribution margins
Variable costing reports and absorption costing reports are useful in the following situations:
Accounting Reports and Accounting Reports and Management DecisionsManagement DecisionsAccounting Reports and Accounting Reports and Management DecisionsManagement Decisions
ACCOUNTING REPORTS
Absorption Costing and Variable Costing
MANAGEMENT
MANAGEMENT
DECISIONS
Controlling Controlling CostsCosts
PricingPricingPlanning Planning
ProductionProduction
Analyzing Analyzing Market Market
SegmentsSegments
Analyzing Analyzing Contribution Contribution
MarginsMargins
ACTUAL PLANNED
Pricing ProductsPricing ProductsPricing ProductsPricing Products
In the short run, we are committed to our existing manufacturing facilities.
In the short run, we are committed to our existing manufacturing facilities.
Pricing ProductsPricing ProductsPricing ProductsPricing Products
That is correct. The pricing decision should be based upon making the best
use of our existing capacity.
That is correct. The pricing decision should be based upon making the best
use of our existing capacity.
Pricing ProductsPricing ProductsPricing ProductsPricing Products
Even in the long-run where plant capacity can be changed, the selling prices of our products must cover all
costs and provide a reasonable income.
Even in the long-run where plant capacity can be changed, the selling prices of our products must cover all
costs and provide a reasonable income.
Analyzing Market SegmentAnalyzing Market SegmentAnalyzing Market SegmentAnalyzing Market Segment
A market segment is a portion of business that
can be assigned to a manager for profit
responsibility.
A market segment is a portion of business that
can be assigned to a manager for profit
responsibility.
Contribution Margin Reporting Contribution Margin Reporting for Market Segmentsfor Market Segments
Contribution Margin Reporting Contribution Margin Reporting for Market Segmentsfor Market Segments
Camelot Fragrance Company manufactures and sells the Gwenevere perfume for women and the Lancelot cologne line for men. The
inventories are negligible.
Camelot Fragrance Company manufactures and sells the Gwenevere perfume for women and the Lancelot cologne line for men. The
inventories are negligible.
Northern Southern Territory Territory Total
Sales:Gwenevere $60,000 $30,000 $ 90,000Lancelot 20,000 50,000 70,000
Total territory sales $80,000 $80,000 $160,000
Variable production costs:Gwenevere (12% of sales) $ 7,200 $ 3,600 $ 10,800Lancelot (12% of sales) 2,400 6,000 8,400
Total variable production cost by territory $ 9,600 $ 9,600 $ 19,200
ContinuedContinuedContinuedContinued
Promotion costs:Gwenevere (30% of sales) $18,000 $ 9,000 $ 27,000Lancelot(20% of sales) 4,000 10,000 14,000
Total variable productioncost by territory $22,000 $19,000 $ 41,000
Sales commissions:Gwenevere (20% of sales) $12,000 $ 6,000 $ 18,000Lancelot (12% of sales) 2,000 5,000 7,000
Total sales commissionby territory $14,000 $11,000 $ 25,000
Northern Southern Territory Territory Total
Sales $80,000 $80,000Variable cost of goods sold 9,600 9,600Manufacturing margin $70,400 $70,400Variable selling expenses:
Promotion costs $22,000 $19,000Sales commissions 14,000 11,000 Total $36,000 $30,000
Contribution margin $34,400 $40,400
Contribution margin ratio 43% 50.5%
Camelot Fragrance CompanyContribution Margin by Sales TerritoryFor the Month Ended March 31, 2006
Northern SouthernTerritory Territory
Sales $90,000 $70,000Variable cost of goods sold 10,800 8,400Manufacturing margin $79,200 $61,600Variable selling expenses:
Promotion costs $ 27,000 $14,000Sales commissions 18,000 7,000 Total $45,000 $21,000
Contribution margin $34,200 $40,600
Contribution margin ratio 38% 58%
Gwenevere Lancelot
Camelot Fragrance CompanyContribution Margin by Product Line
For the Month Ended March 31, 2006
Sales $20,000 $20,000 $40,000 $80,000Variable cost of goods sold 2,400 2,400 4,800 9,600Manufacturing margin $17,600 $17,600 $35,200 $70,400Variable selling expenses:
Promotion costs $ 5,000 $ 5,000 $12,000 $22,000Sales commissions 3,000 3,000 8,000 14,000
$ 8,000 $ 8,000 $20,000 $36,000Contribution margin $ 9,600 $ 9,600 $15,200 $34,400
Contribution margin ratio 48% 48% 38% 43%
Sales mix (% Lancelot sales) 50% 50% 0% 25%
Camelot Fragrance CompanyContribution Margin by Salesperson—Northern Territory
For the Month Ended March 31, 2003
Inez Tom BethRodriquez Ginger Williams Total
Contribution Margin AnalysisContribution Margin AnalysisContribution Margin AnalysisContribution Margin Analysis
Planned Contribution
Margin
Actual Contribution
Margin–
Sales Variable Cost of Goods Sold
Variable Selling and
Administrative Expenses
ContinuedContinuedContinuedContinued
Contribution Margin AnalysisContribution Margin AnalysisContribution Margin AnalysisContribution Margin Analysis
Sales Variable Cost of Goods Sold
Variable Selling and
Administrative Expenses
Quantity Factor
+/–Price Factor
Quantity Factor
+/–Unit Cost
Factor
Quantity Factor
+/–Unit Cost
Factor
Changes in Contribution Margin as a Changes in Contribution Margin as a Result of Quantity and Price FactorsResult of Quantity and Price Factors
Changes in Contribution Margin as a Changes in Contribution Margin as a Result of Quantity and Price FactorsResult of Quantity and Price Factors
The difference between the actual quantity sold and the planned quantity sold, multiplied by the planned unit sales price or unit cost.
Quantity factorQuantity factor
Unit price or unit cost factorUnit price or unit cost factor
The difference between the actual unit price or unit cost and the planned unit price or unit cost, multiplied by the actual quantity sold.
Noble Inc. for Year Ended Noble Inc. for Year Ended December 31, 2006December 31, 2006
Noble Inc. for Year Ended Noble Inc. for Year Ended December 31, 2006December 31, 2006
Actual PlannedIncrease or (Decrease)
Sales $937,500 $800,000$137,500
Less: Variable cost of
goods sold $425,000 $350,000$ 75,000
Variable selling andadministrative exp. 162,500 125,000 37,500
Total $587,500 $475,000$112,500
Contribution margin $350,000 $325,000$ 25,000
ContinuedContinuedContinuedContinued
Noble Inc. for Year Ended Noble Inc. for Year Ended December 31, 2006December 31, 2006
Noble Inc. for Year Ended Noble Inc. for Year Ended December 31, 2006December 31, 2006
Actual Planned
Number of units sold 125,000 100,000
Per unit: Sales price $7.50 $8.00Variable cost of goods sold $3.40 $3.50
Variable selling andadministrative exp. $1.30 $1.25
Contribution Margin ReportContribution Margin ReportContribution Margin ReportContribution Margin Report
Blue Skies Airlines Inc. operates a small commercial airline.
Blue Skies Airlines Inc. operates a small commercial airline.
Blue Skies Airlines Inc.Contribution Margin and Income from Operations Report
for the Month Ended April 30, 2006
Revenue$19,238,000
Variable costs:Fuel expense $4,080,000Wages expense 6,120,000Food and beverage service exp. 444,000Selling expenses 3,256,000 13,900,000
Contribution margin$ 5,338,000
Fixed costs:Depreciation expense $3,600,000Rental expense 800,000 4,400,000
Income from operations$ 938,000$ 938,000
Blue Skies Airlines Inc.Contribution Margin by Route Report—Chicago/Atlanta
for the Month Ended April 30, 2006
Revenue$6,400,000
Variable costs:Fuel expense $1,120,000Wages expense 1,680,000Food and beverage service exp. 240,000Selling expenses 1,760,000 4,800,000
Contribution margin$1,600,000
Contribution Margin Ratio = 0.25Contribution Margin Ratio = 0.25Contribution Margin Ratio = 0.25Contribution Margin Ratio = 0.25
Blue Skies Airlines Inc.Contribution Margin by Route Report—Atlanta/Los Angeles
for the Month Ended April 30, 2006
Revenue $7,525,000Variable costs:
Fuel expense $1,760,000Wages expense 2,640,000Food and beverage service exp. 105,000Selling expenses 770,000 5,275,000
Contribution margin $2,250,000
Contribution Margin Ratio = 0.30Contribution Margin Ratio = 0.30Contribution Margin Ratio = 0.30Contribution Margin Ratio = 0.30
Blue Skies Airlines Inc.Contribution Margin by Route Report—Los Angeles/Chicago
for the Month Ended April 30, 2006
Revenue $5,313,000Variable costs:
Fuel expense $1,200,000Wages expense 1,800,000Food and beverage service exp. 99,000Selling expenses 726,000 3,825,000
Contribution margin $1,488,000
Contribution Margin Ratio = 0.28Contribution Margin Ratio = 0.28Contribution Margin Ratio = 0.28Contribution Margin Ratio = 0.28
Blue Skies Airlines Inc.Contribution Margin—Chicago/Atlanta
Revenue $7,600,000 $6,400,000Less variable expenses:
Fuel expense $1,232,000 $1,120,000Wages expense 1,680,000 1,680,000Food and beverage service exp. 300,000 240,000Selling expenses and commiss. 2,200,000 1,760,000
Total $5,412,000 $4,800,000Contribution margin $2,188,000 $1,600,000
Contribution Margin RatioContribution Margin Ratio 0.290.290.250.25
Contribution Margin RatioContribution Margin Ratio 0.290.290.250.25
Actual—May Planned—May
ContinuedContinuedContinuedContinued
Blue Skies Airlines Inc.Contribution Margin—Chicago/Atlanta
Number of miles flown 56,000 56,000Number of passengers flown 20,000 16,000Per unit:
Ticket price $380 $400Fuel expense 22 20Wages expense 30 30Food and beverage service exp. 15 15Selling expenses 110 110
Actual—May Planned—May
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Blue Skies Airlines Inc.Contribution Margin Analysis
For the Month Ended May 31, 2006
Increase in revenue attributed to:Quantity factor:
Increase in the number of tickets soldin May (4,000 x $400) $1,600,000
Price factor:Decrease in the ticket price in May
($20 x 20,000) (400,000)Net increase in revenue $1,200,000
ContinuedContinuedContinuedContinued
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Blue Skies Airlines Inc.Contribution Margin Analysis
For the Month Ended May 31, 2006
Increase in fuel costs attributed to:Unit cost factor:
Increase in unit cost in May times number of miles flown ($2 x 56,000) $112,000
ContinuedContinuedContinuedContinued
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Blue Skies Airlines Inc.Contribution Margin Analysis
For the Month Ended May 31, 2006
Increase in food and beverage servicecosts attributed to:
Quantity factor:Increase in number of tickets sold in May times planned unit cost in May (4,000 x $15.00) $60,000
ContinuedContinuedContinuedContinued
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Blue Skies Airlines Inc.Contribution Margin Analysis
For the Month Ended May 31, 2006
Increase in selling costs and commissionsattributed to:
Quantity factor:Increase in number of tickets sold in May times planned unit cost in May (4,000 x $110) $440,000
ContinuedContinuedContinuedContinued
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Contribution Margin Analysis Contribution Margin Analysis ReportReport—Service Company—Service Company
Blue Skies Airlines Inc.Contribution Margin Analysis
For the Month Ended May 31, 2006
Summary:Net increase in revenue $1,200,000Net increase in fuel cost (112,000)Net increase in food and beverage service costs (60,000)Net increase in selling costs (440,000)
Increase in contribution margin $ 588,000
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