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Mastery Problem: Cost-Volume-Profit Analysis Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter " 0 ". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit N ) + Flxed Cost. Complete the following table with your answers. Round variable portion of cost (per unit) answers to two decimal places. Biblio Files Company is the chief competitor of Cover-to-Cover Company in the bookshelf business. Biblio Files is analyzing its manufacturing costs, and has compiled the following data for the first six months of the year. After reviewing the data, answer questions (1) through (3) that follow. 1. From the data previously provided, help Biblio. Files Company estimate the fixed and variable portions of its total costs using the high-low method. Recall that Total Costs = (Variable Cost Per Unit x Number of Units Produced) + Fixed Cost. Complete the following table. 2. With your Total Fixed Cost and Variable Cost per Unit from the high-low method, compute the total cost for the following values of N (Number of Units Produced). Review the contribution margin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements. Complete the following table from the data provided on the income statements. Each company sold 76,800 units during the year. Blblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings. The company is interested in determining how many of each type of bookshelf would have to be sold in order to break eqen. If we think of the Basic and Deluxe products as components of one overall-enterprise product cailed "Combinid, "the unit comtributan margin for the Combined product would be $2.31. Fixed The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterpri product called "Combined," the unit contribution margin for the Combined product would be $2.31. Fixec costs for the upcoming year are estimated at $323,400. Recall that the totals of all the sales mix percent must be 100%. Determine the amounts to complete the following table. Target Profit Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective income Statement. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales. 1. If Cover-to-Cover Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 2. If Bibllo Files Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 3. What would explain the difference between your answers for (1) and (2) ? a. Biblio Files Company has a higher contribution maroin ratio, and so more of each sales dollar is available to cover fixed costs and provide operating income. b. Cover-to-Cover company's contribution margin ratio is lower, meaning that it's more efficient in its operations. Mastery Problem: Cost-Volume-Profit Analysis Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter " 0 ". Recall that, for N a Number of Units Produced, Total costs = (Variable Cost Per Unit X N) + Flxed Cost. Complete the following table with your answers. Round variable portion of cost (per unit) answers to two decimal places. Target Profit Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statement. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales. 1. If Cover-to-Cover Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 2. If Biblio Files Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 3. What would explain the difference between your answers for (1) and (2)? a. Biblio Files Company has a higher contribution margin ratio, and so more of each sales dollar is available to cover fixed costs and provide operating income. b. Cover-to-Cover Company's contribution margin ratio is lower, meaning that it's more efficient in its operations. c. The companies have goals that are not in the relevant range. d. The answers are not different; each company has the same required sales amount for the coming year to achieve the desired taroet profit. Mastery Problem: Cost-Volume-Profit Analysis Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter " 0 ". Recall that, for N a Number of Units Produced, Total costs = (Variable Cost Per Unit X N) + Flxed Cost. Complete the following table with your answers. Round variable portion of cost (per unit) answers to two decimal places. Biblio Files Company is the chief competitor of Cover-to-Cover Company in the bookshelf business. Biblio Files is analyzing its manufacturing costs, and has compiled the following data for the first six months of the year. After reviewing the data, answer questions (1) through (3) that follow. 1. From the data previously provided, help Biblio. Flles Company estimate the fixed and variable portions of its total costs using the high-low method. Recall that Total Costs = (Variable Cost Per Unit x Number of Units Produced) + Fixed Cost. Complete the following table. 2. With your Totai Fixed Cost and Variable Cost per Unit from the high-low method, compute the total cost for the following values of N (Mumber of Units Produced). Review the contribution margin income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statements. Complete the following table from the data provided on the income statements. Each company sold 76,800 units during the year. Income Statement-Cover-to-Cover Blblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings. The company is interested in determining how many of each type of bookshelf would have to be sold in order to break ewen. If we think of the 8asic and Deluxe products as components of one overall enterprise product called "Combined, the unit contributan margin for the Combined product would be \$2.31. Fixed The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterpri product called "Combined," the unit contribution margin for the Combined product would be $2.31. Fixec costs for the upcoming year are estimated at $323,400. Recall that the totals of all the sales mix percent must be 100%. Determine the amounts to complete the following table. Target Profit Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective Income Statement. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales. 1. If Cover-to-Cover Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 2. If Bibllo Files Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 3. What would explain the difference between your answers for (1) and (2)? a, Biblio Files Company has a higher contribution maroin ratio, and so more of each sales dollar is available to cover fixed costs and provide operating income. b. Cover-to-Cover company's contribution margin ratio is lawer, meaning that it's more efficient in its operations. Target Profit Refer again to the income statements for Cover-to-Cover Company and Biblio Files Company on their respective income Statement. Note that both companies have the same sales and net income. Answer questions (1) - (3) that follow, assuming that all data for the coming year is the same as the current year, except for the amount of sales. 1. If Cover-to-Cover Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 2. If Biblio Files Company wants to increase its profit by $20,000 in the coming year, what must their amount of sales be? 3. What would explain the difference between your answers for (1) and (2)? a. Biblio Files Company has a higher contribution margin ratio, and so more of each sales dollar is available to cover fixed costs and provide operating income. b. Cover-to-Cover Company's contribution margin ratio is lower, meaning that it's more efficient in its operations. c. The companies have goals that are not in the relevant range. d. The answers are not different; each company has the same required sales amount for the coming year to achieve the desired taroet profit