1. How can we use CVP Analysis to determine Contribution Margin, Breakeven Point, and Target Profit? Why is this important and useful managerial accounting information?
2. Why is it important that we differentiate between fixed and variable costs within the total production cost of products? How can we generate reasonably accurate estimates?
3. What are the principal differences between JOB COST and PROCESS COST systems? How does the accounting for costs and inventories differ? When is each most appropriate?
4. I have completed the attached assignment. Need guidance with the “what if portion” highlighted in grey at the bottom of Ex. 1 and Ex. 2 of the attached spreadsheet (see tabs One and Two). Please provide advise/guidance. It shouldn’t take more than 3 to 5 minutes to complete.