copyright © the mcgraw-hill companies, inc.mcgraw-hill/irwin cost-volume-profit relationships...

Copyright © The McGraw-Hill Companies, Inc.McGraw-Hill/Irwin

Cost-Volume-Profit Relationships

本量利关系

Noreen Chapter 3


3-2

Learning Objective 1 学习目的 1

Explain how changes in Explain how changes in activity affect contribution activity affect contribution margin and net operating margin and net operating

income.income.解释作业如何影响贡献毛解释作业如何影响贡献毛

利和净营业收入利和净营业收入


3-3 Basics of Cost-Volume-Profit Analysis本量利分析基础知识

Contribution Margin (CM) is the amount remaining from sales revenue after variable

expenses have been deducted.

贡献毛利 = 销售收入 - 变动成本

Contribution Margin (CM) is the amount remaining from sales revenue after variable

expenses have been deducted.

贡献毛利 = 销售收入 - 变动成本


3-4 Basics of Cost-Volume-Profit Analysis本量利分析基础知识

CM is used first to cover fixed expenses. Any remaining CM

contributes to net operating income.

净收入 = 贡献毛利 - 固定成本

CM is used first to cover fixed expenses. Any remaining CM

contributes to net operating income.

净收入 = 贡献毛利 - 固定成本


3-5

The Contribution Approach 贡献毛利法

Sales, variable expenses, and contribution margin can also be expressed on a per unit basis. If Racing sells an additional bicycle, $200 additional CM will be generated to cover fixed expenses and profit.销售收入，变动成本及贡献毛利可用每单位表示。如果 Racing 再多销售一台自行车，公司将获得 $200 美元的贡献毛利来含盖固定成本和利润。


3-6


Each month, Racing must generate at least $80,000 in total CM to break even.

每个月 Racing 必须生产至少 $80,000 总贡献毛利才能达到盈亏平衡。


3-7


If Racing sells 400 units400 units in a month, it will be operating at the break-even point. 盈亏分界

点


3-8


If Racing sells one more bike (401 bikes401 bikes), net

operating income will increase by $200.


3-9


We do not need to prepare an income statement to estimate profits at a particular sales volume. Simply multiply the number of units sold above break-even by the contribution margin per unit. 我们不必做损益表来估算特定销售量下的利润。我们只需将高于盈亏分界点的销售单位数与单位贡献毛利相乘即可。

If Racing sells If Racing sells 430 bikes, its 430 bikes, its

net income will net income will be $6,000.be $6,000.


3-10


Prepare and interpret a Prepare and interpret a cost-volume-profit (CVP) cost-volume-profit (CVP) graph.graph. 制作并解释本量利制作并解释本量利

图图


3-11

CVP Relationships in Graphic Form 本量利关系

The relationship among revenue, cost, profit and volume can be expressed graphically by preparing a CVP graph. Racing developed contribution margin income statements at 300, 400, and 500 units sold. We will use this information to prepare the CVP graph. 下面是 Racing 公司销售 300 ， 400 ， 500 自行车的贡献毛利损益表。


3-12

CVP Graph 本量利图

Units 单位

Dol

lars

美元

In a CVP graph, In a CVP graph, unit volumeunit volume is is usually represented on the usually represented on the

horizontal (X) axishorizontal (X) axis and and dollarsdollars on on the the vertical (Y) axisvertical (Y) axis.. 在本量利图中在本量利图中，通常用，通常用 XX 轴来表示单位量，用轴来表示单位量，用 YY

轴来表示美元。轴来表示美元。

In a CVP graph, In a CVP graph, unit volumeunit volume is is usually represented on the usually represented on the

horizontal (X) axishorizontal (X) axis and and dollarsdollars on on the the vertical (Y) axisvertical (Y) axis.. 在本量利图中在本量利图中，通常用，通常用 XX 轴来表示单位量，用轴来表示单位量，用 YY

轴来表示美元。轴来表示美元。


3-13


Units

Dol

lars

Fixed Expenses固定成本


3-14

CVP Graph 本量利图D

olla

rs

Units

Fixed Expenses固定成本

Total Expenses总成本


3-15


Fixed Expenses固定成本D

olla

rs Total Expenses总成本

Total Sales 总收入

Units


3-16

CVP Graph 本量利图D

olla

rs

Units

Break-even pointBreak-even point 盈亏分界点盈亏分界点(400 units or $200,000 in sales)(400 units or $200,000 in sales)Break-even pointBreak-even point 盈亏分界点盈亏分界点

(400 units or $200,000 in sales)(400 units or $200,000 in sales)

Profit Area 盈利

Loss Area 亏损


3-17

Learning Objective 3 学习目标 3

Use the contribution margin ratio Use the contribution margin ratio (CM ratio) to compute changes (CM ratio) to compute changes in contribution margin and net in contribution margin and net

operating income resulting from operating income resulting from changes in sales volume.changes in sales volume.

用贡献毛利率计算由于销售量变用贡献毛利率计算由于销售量变化引起的贡献毛利和淨营业收益化引起的贡献毛利和淨营业收益

变化变化


3-18

Contribution Margin Ratio 贡献毛利率

The contribution margin ratio is:

For Racing Bicycle Company the ratio is:

Total CM 总贡献毛利Total sales 总销售收入CM Ratio =

Each $1.00 increase in sales results in a total contribution margin increase of 40¢.

收入每增加 1 美元，总贡献毛利增加 40 美分

= 40%$80,000$200,000

贡献毛利率


3-19


Or, in terms of units, the contribution margin ratio is:

For Racing Bicycle Company the ratio is:

$200$500

= 40%

Unit CM 单位贡献毛利Unit selling price 单位销售价格CM Ratio =

贡献毛利率


3-20

400 Bikes 500 BikesSales 200,000$ 250,000$ Less: variable expenses 120,000 150,000 Contribution margin 80,000 100,000 Less: fixed expenses 80,000 80,000 Net operating income -$ 20,000$

400 Bikes 500 BikesSales 200,000$ 250,000$ Less: variable expenses 120,000 150,000 Contribution margin 80,000 100,000 Less: fixed expenses 80,000 80,000 Net operating income -$ 20,000$


A $50,000 increase in sales revenue A $50,000 increase in sales revenue results in a $20,000 increase in CM.results in a $20,000 increase in CM.销售增加销售增加 $50,000$50,000 ，贡献毛利增加，贡献毛利增加

$20,000$20,000 。。($50,000 × 40% = $20,000)($50,000 × 40% = $20,000)

A $50,000 increase in sales revenue A $50,000 increase in sales revenue results in a $20,000 increase in CM.results in a $20,000 increase in CM.销售增加销售增加 $50,000$50,000 ，贡献毛利增加，贡献毛利增加

$20,000$20,000 。。($50,000 × 40% = $20,000)($50,000 × 40% = $20,000)


3-21

Quick Check

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. 2,100 cups are sold each month on average. What is the CM Ratio for Coffee Klatch?

a. 1.319

b. 0.758

c. 0.242

d. 4.139


3-22

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. 2,100 cups are sold each month on average. What is the CM Ratio for Coffee Klatch?

a. 1.319

b. 0.758

c. 0.242

d. 4.139

Quick Check

Unit contribution marginUnit selling price

CM Ratio =

=($1.49-$0.36)

$1.49

=$1.13$1.49

= 0.758


3-23


Show the effects onShow the effects on ccontribution margin of changes ontribution margin of changes

in variable costs, fixed costs, in variable costs, fixed costs, selling price, and volume.selling price, and volume.

变动成本，固定成本，销售价格变动成本，固定成本，销售价格和销售量的变化对贡献毛利的影响和销售量的变化对贡献毛利的影响


3-24 Changes in Fixed Costs and Sales Volume固定成本和销售量的变化

What is the profit impact if Racing can increase unit sales from 500 to 540 by increasing the monthly advertising budget by $10,000? 如果Racing 每月增加 $10,000 做广告，将销售量从500 台增加到 540 台，那么对利润会有什么影响？


3-25Changes in Fixed Costs and Sales Volume固定成本和销售量的变化

$80,000 + $10,000 advertising = $90,000$80,000 + $10,000 advertising = $90,000$80,000 + $10,000 advertising = $90,000$80,000 + $10,000 advertising = $90,000

Sales Sales increasedincreased by $20,000, but net operating by $20,000, but net operating income income decreaseddecreased by $2,000 by $2,000..

销售增加了销售增加了 $20,000, $20,000, 但淨营业收入减少了但淨营业收入减少了 $2,000$2,000 。。

Sales Sales increasedincreased by $20,000, but net operating by $20,000, but net operating income income decreaseddecreased by $2,000 by $2,000..

销售增加了销售增加了 $20,000, $20,000, 但淨营业收入减少了但淨营业收入减少了 $2,000$2,000 。。


3-26

Changes in Fixed Costs and Sales Volume

The Shortcut Solution 捷径算法

Increase in CM (40 units X $200) 8,000$ Increase in advertising expenses 10,000 Decrease in net operating income (2,000)$

Increase in CM (40 units X $200) 8,000$ Increase in advertising expenses 10,000 Decrease in net operating income (2,000)$


3-27Change in Variable Costs and Sales Volume变动成本和销售量的变化对利润的影响

What is the profit impact if Racing can use higher quality raw materials, thus increasing variable costs per unit by $10, to generate an increase in unit sales from 500 to 580?如果 Racing 选用质量较高原材料 , 从而每单位变动成本增加了 $10, 而销售量从 500 台增加到 580 台，那么对利润会有什么影响？


3-28Change in Variable Costs and Sales Volume变动成本和销售量的变化对利润的影响580 units 580 units ×× $310 variable cost/unit = $179,800 $310 variable cost/unit = $179,800580 units 580 units ×× $310 variable cost/unit = $179,800 $310 variable cost/unit = $179,800

Sales Sales increaseincrease by $40,000, and net operating income by $40,000, and net operating income increasesincreases by $10,200 by $10,200..

销售增加销售增加 $40,000, $40,000, 淨营业收益增加淨营业收益增加 $10,200$10,200 。。

Sales Sales increaseincrease by $40,000, and net operating income by $40,000, and net operating income increasesincreases by $10,200 by $10,200..

销售增加销售增加 $40,000, $40,000, 淨营业收益增加淨营业收益增加 $10,200$10,200 。。


3-29Change in Fixed Cost, Sales Price and Volume固定成本，销售价及销售量的变化对利润的影响

What is the profit impact if Racing (1) cuts its selling price $20 per unit, (2) increases its advertising budget by $15,000 per month, and (3) increases sales from 500 to 650 units per month?如果 Racing(1) 每台自行车售价降低 $20, (2) 每月广告费增加 $15,000, 且 (3) 每月销售量从 500 台增加到 650 台，对公司利润会有如何影响？


3-30

Sales Sales increaseincrease by $62,000, fixed costs increase by by $62,000, fixed costs increase by $15,000, and net operating income $15,000, and net operating income increasesincreases by $2,000 by $2,000..销售收入增加销售收入增加 $62,000$62,000 ，固定成本增加，固定成本增加 $15,000,$15,000, 淨营业收益淨营业收益

增加增加 $2,000$2,000 。。

Sales Sales increaseincrease by $62,000, fixed costs increase by by $62,000, fixed costs increase by $15,000, and net operating income $15,000, and net operating income increasesincreases by $2,000 by $2,000..销售收入增加销售收入增加 $62,000$62,000 ，固定成本增加，固定成本增加 $15,000,$15,000, 淨营业收益淨营业收益

增加增加 $2,000$2,000 。。

Change in Fixed Cost, Sales Price and Volume固定成本，销售价及销售量的变化对利润的影响


3-31Change in Variable Cost, Fixed Cost and Sales Volume

变动成本，固定成本和销售量的变化对利润的影响

What is the profit impact if Racing (1) pays a $15 sales commission per bike sold instead of paying salespersons flat salaries that currently total $6,000 per month, and (2) increases unit sales from 500 to 575 bikes?如果 Racing(1) 改现行付给销售人员固定薪水每月$6,000 为付给他们佣金以每售一台自行车付佣金 $15, 且 (2) 每月销售量从 500 台增加到 575 台，对公司利润会有如何影响？


3-32Change in Variable Cost, Fixed Cost and Sales Volume

变动成本，固定成本和销售量的变化对利润的影响

Sales Sales increaseincrease by $37,500, variable costs by $37,500, variable costs increaseincrease by by $31,125, but fixed expenses $31,125, but fixed expenses decreasedecrease by $6,000 by $6,000..

销售收入增加销售收入增加 $37,500, $37,500, 变动成本增加变动成本增加 $31,125, $31,125, 但固定成本但固定成本降低了降低了 $6,000$6,000 。。

Sales Sales increaseincrease by $37,500, variable costs by $37,500, variable costs increaseincrease by by $31,125, but fixed expenses $31,125, but fixed expenses decreasedecrease by $6,000 by $6,000..

销售收入增加销售收入增加 $37,500, $37,500, 变动成本增加变动成本增加 $31,125, $31,125, 但固定成本但固定成本降低了降低了 $6,000$6,000 。。


3-33 Change in Regular Sales Price销售价格的变化对利润的影响

If Racing has an opportunity to sell 150 bikes to a wholesaler without disturbing sales to other customers or fixed expenses, what price would it quote to the wholesaler if it wants to increase monthly profits by $3,000? 如果 Racing 有机会卖给批发商 150 台自行车，从而不用卖给其他顾客，省去固定费用， Racing 应向批发商报价多少以便每月利润增加 $3,000 ？


3-34 Change in Regular Sales Price销售价格的变化对利润的影响

3,000$ ÷ 150 bikes = 20$ per bikeVariable cost per bike = 300 per bikeSelling price required = 320$ per bike

3,000$ ÷ 150 bikes = 20$ per bikeVariable cost per bike = 300 per bikeSelling price required = 320$ per bike

150 bikes × $320 per bike = 48,000$ Total variable costs = 45,000 Increase in net income = 3,000$

150 bikes × $320 per bike = 48,000$ Total variable costs = 45,000 Increase in net income = 3,000$


3-35


Compute the break-even Compute the break-even point in unit sales and point in unit sales and

sales dollars.sales dollars.

计算单位盈亏分界点（以计算单位盈亏分界点（以销售单位量及销售额算）销售单位量及销售额算）


3-36

Break-Even Analysis 盈亏分界分析

Break-even analysis can be approached in two ways:

两种方法来进行盈亏平衡分析1. Equation method 等式法2. Contribution margin method 贡献毛利

法


3-37

Equation Method 等式法

Profits = (Sales – Variable expenses) – Fixed expenses淨利润 = （销售收入 - 变动成本） - 固定成本

Sales = Variable expenses + Fixed expenses + Profits销售收入 = 变动成本 + 固定成本 + 淨利润

OR

At the break-even point At the break-even point profits equal zeroprofits equal zero

在盈亏分界点，利润等于零在盈亏分界点，利润等于零


3-38

Break-Even Analysis 盈亏分界分析

Here is the information from Racing Bicycle Company:

以下是 Racing 公司信息

Total Per Unit PercentSales (500 bikes) 250,000$ 500$ 100%Less: variable expenses 150,000 300 60%Contribution margin 100,000$ 200$ 40%

Less: fixed expenses 80,000 Net operating income 20,000$

Total Per Unit PercentSales (500 bikes) 250,000$ 500$ 100%Less: variable expenses 150,000 300 60%Contribution margin 100,000$ 200$ 40%

Less: fixed expenses 80,000 Net operating income 20,000$


3-39


We calculate the break-even point as follows:

Sales = Variable expenses + Fixed expenses + Profits销售收入销售收入 == 变动成本变动成本 ++ 固定成本固定成本 ++ 淨利润淨利润Sales = Variable expenses + Fixed expenses + Profits销售收入销售收入 == 变动成本变动成本 ++ 固定成本固定成本 ++ 淨利润淨利润

$500Q = $300Q + $80,000 + $0

Where: Q = Number of bikes sold $500 = Unit selling price $300 = Unit variable expense $80,000 = Total fixed expense


3-40


$500Q = $300Q + $80,000 + $0$200Q = $80,000 Q = $80,000 ÷ $200 per bike Q = 400 bikes

We calculate the break-even point as follows:Sales = Variable expenses + Fixed expenses + Profits销售收入销售收入 == 变动成本变动成本 ++ 固定成本固定成本 ++ 淨利润淨利润Sales = Variable expenses + Fixed expenses + Profits销售收入销售收入 == 变动成本变动成本 ++ 固定成本固定成本 ++ 淨利润淨利润


3-41


The equation can be modified to calculate the break-even point in sales dollars. 用下列等式计算销售额

Sales = Variable expenses + Fixed expenses + Profits销售收入 = 变动成本 + 固定成本 + 利润Sales = Variable expenses + Fixed expenses + Profits销售收入 = 变动成本 + 固定成本 + 利润

X = 0.60X + $80,000 +X = 0.60X + $80,000 + $0$0

Where: X = Total sales dollars 销售额（美元）

0.60 = Variable expenses as a % of sales $80,000 = Total fixed expenses


3-42


X = 0.60X + $80,000 + $0 0.40X = $80,000 X = $80,000 ÷ 0.40 X = $200,000


The equation can be modified to calculate the break-even point in sales dollars.


3-43

Contribution Margin Method 贡献毛利法

The contribution margin method has two key equations.

Fixed expenses 固定成本CM per unit 单位贡献毛利 =

Break-even pointin units sold

盈亏分界点（台数）

Fixed expenses 固定成本 CM ratio 贡献毛利率=

Break-even point intotal sales dollars

盈亏分界点（美元）


3-44

Contribution Margin Method 贡献毛利法

Let’s use the contribution margin method to calculate the break-even point in total sales dollars at Racing.

用贡献毛利法计算 Racing 盈亏分界点的总销售美元Fixed expenses 固定成本 CM ratio 贡献毛利率

=Break-even point intotal sales dollars

盈亏分界点（美元）

$80,000$80,00040%40% = $200,000 break-even sales= $200,000 break-even sales


3-45

Quick Check

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. 2,100 cups are sold each month on average. What is the break-even sales in units?

a. 872 cups

b. 3,611 cups

c. 1,200 cups

d. 1,150 cups


a. 872 cups

b. 3,611 cups

c. 1,200 cups

d. 1,150 cups


3-46


a. 872 cups

b. 3,611 cups

c. 1,200 cups

d. 1,150 cups


a. 872 cups

b. 3,611 cups

c. 1,200 cups

d. 1,150 cups

Quick Check

Fixed expensesCM per UnitBreak-even =

$1,300$1.49/cup - $0.36/cup

=$1,300

$1.13/cup

= 1,150 cups

=


3-47

Quick Check

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. 2,100 cups are sold each month on average. What is the break-even sales in dollars?

a. $1,300

b. $1,715

c. $1,788

d. $3,129


a. $1,300

b. $1,715

c. $1,788

d. $3,129


3-48


a. $1,300

b. $1,715

c. $1,788

d. $3,129


a. $1,300

b. $1,715

c. $1,788

d. $3,129

Quick Check

Fixed expensesCM Ratio

Break-evensales

$1,3000.758

= $1,715

=

=


3-49


Determine the level of Determine the level of sales needed to achieve a sales needed to achieve a

desired target profit.desired target profit.

决定达到既定目标利润时决定达到既定目标利润时的销售水平的销售水平


3-50

Target Profit Analysis 目标利润分析法

The equation and contribution margin methods can be used to determine the sales volume needed to achieve a target profit.

等式法和贡献毛利法可用来决定销售量以达到某目标利润。 Suppose Racing Bicycle Company wants to know how many bikes must be sold to earn a profit of $100,000.

假定 Racing 想赢得 $100,000 目标利润，那么 Racing必须要销售多少台自行车呢？


3-51 The CVP Equation Method本量利等式法


$500Q = $300Q + $80,000 + $100,000

$200Q = $180,000

Q = 900 bikes


3-52

The Contribution Margin Approach 贡献毛利法

The contribution margin method can be used to determine that 900 bikes must be sold to earn the target profit of $100,000. 贡献毛利法确定必须卖出 900 台自行车才能赢得既定利润 $100,000 。

Fixed expenses + Target profit固定成本 + 目标利润

CM per unit 贡献毛利 / 台=

Unit sales to attainthe target profit

出售台数

$80,000 + $100,000 $200/bike

= 900 bikes


3-53

Quick Check

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. How many cups of coffee would have to be sold to attain target profits of $2,500 per month?

a. 3,363 cups

b. 2,212 cups

c. 1,150 cups

d. 4,200 cups


a. 3,363 cups

b. 2,212 cups

c. 1,150 cups

d. 4,200 cups


3-54


a. 3,363 cups

b. 2,212 cups

c. 1,150 cups

d. 4,200 cups


a. 3,363 cups

b. 2,212 cups

c. 1,150 cups

d. 4,200 cups

Quick Check

Fixed expenses + Target profitUnit CM

Unit salesto attain

target profit

= 3,363 cups

=$3,800$1.13

$1,300 + $2,500$1.49 - $0.36 =

=


3-55


Compute the margin of Compute the margin of safety and explain its safety and explain its

significance.significance.

计算安全边际并解释其重计算安全边际并解释其重要性要性


3-56

The Margin of Safety 安全边际The margin of safety is the excess of budgeted (or actual) sales over the break-even volume of sales.

安全边际为预算（或实际）销售收入超过盈亏分界点销售量的部分。

Margin of safety = Total sales - Break-even sales安全边际 = 总销售收入 - 盈亏分界点销售收入Margin of safety = Total sales - Break-even sales安全边际 = 总销售收入 - 盈亏分界点销售收入

Let’s look at Racing Bicycle Company and determine the margin of safety.


3-57

The Margin of Safety 安全边际

If we assume that Racing Bicycle Company has actual sales of $250,000, given that we have already determined the break-even sales to be $200,000, the margin of safety is $50,000 as shown. 假设 Racing 自行车公司实际销售收入为 $250,000 ，我们又知在盈亏分界点时的销售收入为 $200,000, 那么安全边际为 $50,000 。

Break-even sales

400 unitsActual sales

500 unitsSales 200,000$ 250,000$ Less: variable expenses 120,000 150,000 Contribution margin 80,000 100,000 Less: fixed expenses 80,000 80,000 Net operating income -$ 20,000$

Break-even sales




3-58


The margin of safety can be expressed as 20% of sales.

安全边际率还可表达为 20% 销售收入。($50,000 ÷ $250,000)

Break-even sales



Break-even sales




3-59


The margin of safety can be expressed in terms of the number of units sold. The margin of safety at Racing is $50,000, and each bike sells for $500.

安全边际可表达为销售台数。安全边际为 $50,000 时 , 每台自行车售价为 $500 。

Margin ofSafety in units

= = 100 bikes$50,000

$500


3-60

Quick Check

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. 2,100 cups are sold each month on average. What is the margin of safety?

a. 3,250 cups

b. 950 cups

c. 1,150 cups

d. 2,100 cups


a. 3,250 cups

b. 950 cups

c. 1,150 cups

d. 2,100 cups


3-61


a. 3,250 cups

b. 950 cups

c. 1,150 cups

d. 2,100 cups


a. 3,250 cups

b. 950 cups

c. 1,150 cups

d. 2,100 cups

Quick Check

Margin of safety = Total sales – Break-even sales

= 950 cups= 2,100 cups – 1,150 cups

or950 cups

2,100 cupsMargin of safety

percentage = = 45%


3-62 Cost Structure and Profit Stability成本结构与利润稳定性

Cost structure refers to the relative proportion of fixed and variable costs in an organization. Managers often have some latitude in determining their organization’s cost structure.成本结构指的是一个公司固定和变动成本的相对比例。经理们经常有权决定公司的成本结构。


3-63 Cost Structure and Profit Stability成本结构与利润稳定性

There are advantages and disadvantages to high fixed cost (or low variable cost) and low fixed cost (or high variable cost) structures. 高固定成本（或低变动成本）和低固定成本（或高变动成本）结构有优缺点。

An advantage of a high fixedcost structure is that incomewill be higher in good years

compared to companieswith lower proportion of

fixed costs.优点：在好的年份 , 固定成本比重大

的公司比固定成本比重小的公司营业收益要高

An advantage of a high fixedcost structure is that incomewill be higher in good years

compared to companieswith lower proportion of

fixed costs.优点：在好的年份 , 固定成本比重大

的公司比固定成本比重小的公司营业收益要高

A disadvantage of a high fixedcost structure is that income

will be lower in bad yearscompared to companieswith lower proportion of

fixed costs.缺点：在坏的年份 , 固定成本比重大

的公司比固定成本比重小的公司营业收益要低。

A disadvantage of a high fixedcost structure is that income

will be lower in bad yearscompared to companieswith lower proportion of

fixed costs.缺点：在坏的年份 , 固定成本比重大

的公司比固定成本比重小的公司营业收益要低。


3-64


Compute the degree of operating Compute the degree of operating leverage at a particular level of leverage at a particular level of sales and explain how it can be sales and explain how it can be used to predict changes in net used to predict changes in net

operating income.operating income.计算特定销售收入水平下的营业计算特定销售收入水平下的营业杠杆比率并解释如何用它预测淨杠杆比率并解释如何用它预测淨

营业收益营业收益


3-65

Operating Leverage 营业杠杆

A measure of how sensitive net operating income is to percentage changes in sales.

营业杠杆是用来测定营业收益对销售收入百分比变化的敏感度。

Contribution margin 贡献毛利Net operating income 淨营业收益

Degree ofoperating leverage

营业杠杆比率=


3-66


Actual sales 500 Bikes

Sales 250,000$ Less: variable expenses 150,000 Contribution margin 100,000 Less: fixed expenses 80,000 Net income 20,000$

Actual sales 500 Bikes

Sales 250,000$ Less: variable expenses 150,000 Contribution margin 100,000 Less: fixed expenses 80,000 Net income 20,000$

$100,000 $20,000

= 5

At Racing, the degree of operating leverage is 5.

Racing 公司营业杠杆比率是 5 。


3-67


With an operating leverage of 5, if Racing increases its sales by With an operating leverage of 5, if Racing increases its sales by 10%, net operating income would increase by 50%.10%, net operating income would increase by 50%.

在营业杠杆比率是在营业杠杆比率是 55 的情况下，如的情况下，如 RacingRacing 增加销售收入增加销售收入 10%10% ，，那么淨营业收益将增长那么淨营业收益将增长 50%50% 。。

Percent increase in sales

销售收入增长百分比 10%Degree of operating leverage

营业杠杆比率 × 5Percent increase in profits

利润增长百分比 50%

Here’s the verification! 验证


3-68


10% increase in sales from$250,000 to $275,000 . . .销售从 $250,000 增长到$275,000, 增长了 10%

10% increase in sales from$250,000 to $275,000 . . .销售从 $250,000 增长到$275,000, 增长了 10%

. . . results in a 50% increase inincome from $20,000 to $30,000.导致营业收益从 $20,000 增长到

$30,000 ，增长了 50% 。

. . . results in a 50% increase inincome from $20,000 to $30,000.导致营业收益从 $20,000 增长到

$30,000 ，增长了 50% 。


3-69

Quick Check

Coffee Klatch is an espresso stand in a downtown office building. The average selling price of a cup of coffee is $1.49 and the average variable expense per cup is $0.36. The average fixed expense per month is $1,300. 2,100 cups are sold each month on average. What is the operating leverage?a. 2.21b. 0.45c. 0.34d. 2.92



3-70



Quick Check

Contribution marginNet operating income

Operating leverage =

$2,373$1,073= = 2.21

Actual sales2,100 cups

Sales 3,129$ Less: Variable expenses 756 Contribution margin 2,373 Less: Fixed expenses 1,300 Net operating income 1,073$


3-71

Quick Check

At Coffee Klatch the average selling price of a cup of coffee is $1.49, the average variable expense per cup is $0.36, the average fixed expense per month is $1,300 and an average of 2,100 cups are sold each month.If sales increase by 20%, by how much should net operating income increase?

a. 30.0%b. 20.0%c. 22.1%d. 44.2%


a. 30.0%b. 20.0%c. 22.1%d. 44.2%


3-72


a. 30.0%b. 20.0%c. 22.1%d. 44.2%


a. 30.0%b. 20.0%c. 22.1%d. 44.2%

Quick Check

Percent increase in sales 20.0%

× Degree of operating leverage 2.21 Percent increase in profit 44.20%


3-73

Verify Increase in Profit 验证利润增长

Actual sales

Increased sales

2,100 cups 2,520 cupsSales 3,129$ 3,755$ Less: Variable expenses 756 907 Contribution margin 2,373 2,848 Less: Fixed expenses 1,300 1,300 Net operating income 1,073$ 1,548$

% change in sales 20.0%% change in net operating income 44.2%


3-74 Structuring Sales Commissions销售佣金结构

Companies generally compensate salespeople by paying them either a commission based on sales or a salary plus a sales commission. Commissions based on sales dollars can lead to lower profits in a company.公司通常用佣金 ( 根据销售额提取 ) 或者工资加佣金的方式来补偿销售人员。基于销售收入上的佣金结构可导致公司利润降低。

Let’s look at an example.Let’s look at an example. 让我们来看个例子让我们来看个例子



Pipeline Unlimited produces two types of surfboards(冲浪板 ), the XR7 and the Turbo. The XR7 sells for

$100 and generates a contribution margin per unit of $25. The Turbo sells for $150 and earns a

contribution margin per unit of $18.

The sales force at Pipeline Unlimited is compensated based on sales commissions.

销售人员以佣金的形式得到补偿。



If you were on the sales force at Pipeline, you would push hard to sell the Turbo even though the XR7

earns a higher contribution margin per unit.

如果你是销售人员，你会狠命地推销 Turbo ，即使XR7 的单位贡献毛利更高。

To eliminate this type of conflict, commissions can be based on contribution margin rather than on

selling price alone.

要消除这类冲突，佣金给付可基于贡献毛利而不是单要消除这类冲突，佣金给付可基于贡献毛利而不是单单基于销售价格。单基于销售价格。


3-77


Compute the break-even point for Compute the break-even point for a multiproduct company and a multiproduct company and

explain the effects of shifts in the explain the effects of shifts in the sales mix on contribution margin sales mix on contribution margin

and the break-even point.and the break-even point.计算多产品公司的盈亏分界点并计算多产品公司的盈亏分界点并解释销售组合的转变对贡献毛利解释销售组合的转变对贡献毛利

和盈亏分界点的影响。和盈亏分界点的影响。


3-78 The Concept of Sales Mix销售组合的概念

• Sales mix is the relative proportion in which a company’s products are sold. 销售组合是指在企业的销售产品中，各种产品所占的相对比重。

• Different products have different selling prices, cost structures, and contribution margins.

不同产品有不同的售价 , 成本结构 , 和贡献毛利。

Let’s assume Racing Bicycle Company sells bikes and carts and that the sales mix between the two products remains the same.

我们假设 Racing 公司出售自行车和购物车两种产品，且这两种产品的销售组合保持不变。


3-79 Multi-product break-even analysis多产品盈亏分界点的分析

Racing Bicycle Co. provides the following information:

$265,000 $550,000

= 48.2% (rounded)


3-80 Multi-product break-even analysis多产品盈亏分界点的分析Fixed expenses

CM RatioBreak-even

sales$170,000

48.2%= $352,697

=

=


3-81 Key Assumptions of CVP Analysis本量利分析的重要假设

Selling price is constant. 售价保持不变Costs are linear. 成本呈线性关系In multiproduct companies, the sales mix is

constant. 在多产品公司里，销售组合不变。In manufacturing companies, inventories do

not change (units produced = units sold).

制造公司存货不变（生产数 = 销售数）


3-82

End of Chapter

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