Part 2

Question 2:

Classification costs

Most important feature of the cost analysis is cost classification, where the costs are
classified into defined categories according to the particular characteristics. Cost classification
is the process of grouping costs according to their common characteristics. The classification
of costs comprises categorizing a company's expenses in order to enhance accounting and
financial decisions. A suitable classification of costs is of vital importance in order to identify
the cost with cost centers or cost units. It allows businesses to organize their expenditures
based on a variety of variables such as the importance of decisions, employee behavior, and
the activities they perform.

Classification by elements:

Material Costs: Material is the most important element to produce a product. All most
50% of the cost is covered by raw material used to produce a product. The cost of materials
includes the essential components required for the manufacturing of a product or service. This
includes the costs related to resources produced or handled internally by firms, as well as the
expenses for goods purchased from suppliers. For example, material costs into raw material
costs, spare parts, costs of packaging material etc.

Labor costs denote a company's total expenditure on employee compensation. Labor

costs encompass wages, salaries, benefits, and additional expenses associated with personnel
required to provide a product or service. This includes the expenses of all workers associated
with production, such as supervisors, primary laborers, and support staff.

Direct labor relates to people, roles, or activities directly linked to the creation
of commodities and services. This covers the expenses of all the people engaged in the
manufacturing process, including support personnel, principal laborers, and managers.
Direct labor relates to individuals, jobs, or duties closely associated with the
production of goods and services. Direct staff members create the goods or services
you market straight for your clients, physically.

Indirect labor refers to employees who support direct labor and the overall
enterprise. They don’t directly manufacture goods or deliver services, but they still
play an essential role in keeping the business running and producing products. These
employees perform background or overhead functions rather than directly contributing
to production, and work performed by indirect employees can’t be directly applied to
the revenue of a service or product.

Expenses are the expenses an individual or company bears in order to generate income
or reach a particular objective. Usually, they fall into two groups: non-operational and running
expenses. Expenses could include, for instance, rental fees for real estate, phone bills,
depreciation of owned production sites, and delivery vehicle amortization.

Classification by functions:

Production costs: are all direct or indirect costs that businesses have to pay for
resources such as labor, raw materials, production suppliers…to create products or services.
This product/service will be sold to consumers to generate revenue for the business.

Manufacturing costs
¿ Direct material costs+ Direct labor costs+ Manufacturing overhead costs incurred ¿ the beginning ¿ the end

Administrative Costs: costs associated with the overall administration of the

organization. Examples of this include expenditures on administrative staff salaries, office
supplies, and utilities.

Costs of Selling and Distribution: Spending on consumer marketing and product

delivery. This universe covers sales commissions, advertising, and transportation.

Costs related to research and development for the production of new goods or
improvement of current ones consists of material costs, pay for R&D staff, and research
equipment.

Classification by Traceability

Direct cost is a price that can be directly tied to the production of specific goods or
services like raw materials. Direct costs are often variable costs, meaning they fluctuate with
production levels such as inventory.

Indirect costs are costs that are not directly accountable to a cost object (such as a
particular project, facility, function or product). Like direct costs, indirect costs may be either
fixed or variable. Indirect costs include administration, personnel and security costs. These are
those costs which are not directly related to production. Some indirect costs may be overhead,
but other overhead costs can be directly attributed to a project and are direct costs

Cost Behavior

Cost behavior denotes the variation of costs in response to changes in production

volumes, whereas cost categorization involves classifying expenses based on their
characteristics and business requirements. In cost estimation and tariff determination, cost
behavior is equally significant as profit maximization.

Cost behavior is the way costs change that occurs due to changes in activity output.
Cost behavior studies are important because of their effect on operating risk levels, break-even
points and safety margins, they can also be applied to determine the difference between a
labor-intensive cost structure and a technologically evolving firm's cost structure. Cost
behavior is closely related to total costs and changing unit costs are related to changes in the
output (level) of activity drivers. The study of cost behavior has several benefits, including:
making it easier to make cost planning, making it easier to control costs, and making it easier
to make decisions.
According to its behavior costs can be categorized into three, there are fixed costs,
variable costs, and semi variable costs.

Classification by Behavior:

Fixed costs
Irrespective of the production volume, fixed expenses remain constant throughout the
process. In the context of a business's fixed costs, time generally holds greater significance
than the quantity of goods or services produced or sold by the organization. All financial
responsibilities, including rent or lease payments, salaries, utility expenses, insurance
premiums, and loan repayments, are categorized as fixed costs. Specialty taxes, such as those
related to acquiring a business license, may be classified as fixed costs. Given that fixed
expenses remain obligatory irrespective of sales volume, it is crucial to exercise prudence
while incorporating them into your small firm. In the process of identifying fixed costs, it is
customary to utilize overhead costs.

Variable costs

Variable costs fluctuate in accordance with variations in the level of an activity.

This indicates that manufacturing activity is essential for the emergence of these charges.
Variable expenses increase with heightened activity and decrease with reduced activity. An
increase in production results in a corresponding increase in input costs, and vice versa; the
ratio of the two is precisely proportional. When overall expenses fluctuate due to
alterations in output volume, we classify these costs as variable. Raw materials and
packaging are examples of variable costs in the manufacturing process. Retailers are
obligated to incur variable expenses, such as credit card transaction fees and shipping
charges, based on their sales volume.
 A tool for assessing the total time allocated to the project's resources is variable
cost.

Semi-variable costs

Semi-variable costs (Mixed costs) include both variable and fixed expenses. Semi-
variable costs are unit costs that fluctuate but are not directly proportional to variations in
the output of the operating mechanism. It is crucial for planning and cost management to
classify semi-variable expenses into fixed and variable components, with the fixed
component representing the organization's minimal expenditure for the services provided.
Expenses must be classified as variable or fixed to conduct a precise break-even analysis
and ascertain the contribution margin.
These costs are more difficult to calculate since they vary with volume variations.
Semi-variable costs will supplement fixed costs in short-term decisions as output levels
fluctuate. In the long run, fixed costs must be committed, and any extra study should take
into account the long-term effects on the firm.

Others costs:

A sunk cost is an expense that typically offers no return, meaning a company can't
recover the funds it puts into the investment. Sunk costs are a common aspect of
businesses in any industry, and they mainly occur in fixed costs.

Opportunity cost (link is external) is hidden or implied cost that is incurred when a
person or organization forgoes the opportunity to realize positive cash flow from an
investment in order to take a different investment course of action. A typical opportunity
cost example is to sell a property or keep and develop it. If an investor forgoes realizing a
sale value positive cash flow in order to keep and develop a property, an opportunity cost
equal to the positive cash flow that could be realized from selling must be included in the
analysis of development economics.
Budgeting Techniques

Budgeting methods assist the planning and administration of your finances. The
formulation of a strategic budget facilitates the effective distribution of resources to attain both
immediate and enduring financial goals. These tactics ensure transparency and control over
your funds, whether personal or business-related, thereby augmenting stability and planning
for unexpected expenses.

Incremental budgeting

Incremental budgeting is a budgeting technique that is frequently employed. Home-

based enterprises are particularly adept at employing this approach. Its application is
uncomplicated because it depends on the budget of the previous period. By incorporating
historical data with minimal modifications, such as inflation or growth projections, it is
possible to effectively formulate a new budget. This approach is straightforward; however, it
may fail to account for unforeseen circumstances.

The primary benefits of incremental budgeting are as follows:

 Clarity: Easily applicable and accessible.
 Stability: Guarantees a strong financial base.
 Predictability: Forecasts based on historical data.

Example for Incremental budgeting

We provide financial planning for family-owned restaurants with larger annual

budgets. The prior year's marketing budget was $18,000. It is expected that marketing
initiatives will intensify, resulting in a 9% increase in the coming year.

New Marketing Budget ¿ 18,000+ ( 18,000 × 9 % ) =$ 19,620

Zero-Based Budgeting

At the start of each new semester, we must substantiate all expenditures using the
Zero-Based Budgeting (ZBB) methodology. The methodology methodically evaluates each
organizational function according to its requirements and expenses. We establish the budget
based on the materials required for the upcoming budget, regardless of whether it exceeds or
falls short of the prior budget. Zero-based budgeting is effective in domestic and personal
contexts; however, it is predominantly utilized in corporate environments.
Centralized operations, reduced expenses, more financial flexibility, and strategic
implementation are among the advantages of zero-based budgeting. This strategy seeks to
ensure that management is held accountable for its financial spending. Enhancing cost
efficiency, rather than solely concentrating on sales, augments the company's value. Moreover,
there are certain drawbacks associated with digital budgeting. A significant allocation of time
and resources is required to finalize this budget. There may be no justification for the time
investment.

Activity – based – budgeting

Activity-based budgeting (ABB) is a systematic budgeting approach that meticulously

tracks activities to forecast expenses. Previous expenses are omitted from ABB's budgeting
computations. Operating-based budgeting offers a more thorough evaluation of costs, whereas
traditional budgeting approaches modify historical spending to reflect inflation or variations in
business operations. A thorough examination of the organization's expenditures will be
performed to assess possible reductions and enhance efficiency. It may involve either the
termination of all extraneous activities or a decrease in the level of engagement. ABB's
principal objective is to examine the determinants of operational expenses and enhance
profitability.
Activity – based – budgeting steps:
1. Identify the cost factors associated with various procedures.
2. Ascertain the number of units required for each cost element.
3. Determine the expense of each operational unit concerning the cost component.

Example for Activity – based – budgeting:

Traditional budgeting often forecasts future expenditures by examining previous data

and determining average growth rates. Assume that Company XYZ, which has historically had
an average monthly growth rate of 10%, recorded a cost of goods sold of $3,000 last month.
Employ traditional budgeting to determine the cost of items sold for the upcoming month.

Cost of goods sold¿ 3,000+ ( 3,000 ×10 % )=$ 3,300

ABB focuses on forecasting expenditures through the analysis of the actions that
produce them. The XYZ Company anticipates selling 1,000 product units in the forthcoming
month. Each item incurs a production cost of $4. Employ the ABB approach to determine the
cost of goods sold for the upcoming month:

Cost of goods sold¿ 1000 × 4=$ 4,000

The ABB methodology enables companies to forecast prices according to present

demand instead of relying solely on obsolete data. Businesses may undervalue actual results
when utilizing conventional forecasting techniques, leading to budget deficits.
Flexible Budgeting

"Flexible budgeting" denotes a budget that may be modified to align with the
organization's income or operational activities. The variable costs encompassed in this
budgeting method fluctuate in accordance with variations in revenue or expenses. This method
enables organizations to anticipate variations in cash demand. Conversely, static budgeting
guarantees that the key performance indicators (KPIs) chosen by the organization maintain a
uniform level during the budgeting process. This budget imposes limits on fixed costs,
including rent and other administrative expenses.
A corporation with a clearly defined budget may devote one hundred thousand pounds
annually to pay labor costs. Through the implementation of flexible budgeting practices, a
corporation may opt to designate a quarter of its revenue to salaries instead of fixed expenses.
This constitutes an alternative. By employing this technique, the corporation can modify its
workforce as necessary throughout the year.

Capital budgeting

Businesses utilize capital budgeting to evaluate prospective investments or activities

that may be substantial. Capital budgeting is often essential for management to approve or
deny initiatives such as the development of new factories or the acquisition of substantial
stakes in external joint ventures. Businesses may assess cash inflows and outflows during the
formulation of proposed projects within the capital budget to see if the anticipated earnings
meet the requisite criteria. People often refer to the capital budgeting method as "investment
assessment."
The three most commonly utilized capital planning approaches are throughput analysis, return
analysis, and discounted cash flow.

Activity-based costing (ABC)

The ABC costing method allocates overhead charges to projects according to their cost
drivers. This methodology employs a systematic strategy to enhance the precision of allocating
monies from indirect cost pools to specific outcomes. The cost variables associated with
varying levels of activity predicate this distribution. The initial step is to allocate overhead
costs to activities or activity cost centers by employing suitable cost drivers that accurately
represent resource utilization. Stage two entails assigning activity or activity cost pool
expenses to cost objects based on the relevant activity consumption costs. ABC analysis
enhances the efficiency of production systems by isolating and removing non-value-adding
processes. Traditional systems grapple with volume-based operations, multiple cost drivers,
and value chain dynamics. ABC systems can assist with all of these concerns. ABC gives a
direct cost-benefit analysis that shows how gains from support activities are not spread out
fairly and lists the different business operations that can benefit from cutting costs.
 ABC Costing Systems: Three Features

1. Direct cost tracing: ABC systems identify several indirect activities and categorize
their expenses into distinct cost pools.
2. Indirect cost pools: ABC systems categorize indirect activity expenses into smaller
pools that vary according to an activity benefit indicator.
3. Activity cost drivers: To calculate the activity cost driver ratio, the denominator is
divided into distinct indirect cost pools, each possessing its own performance metric.
Activity – based – costing formula:

Cost pool total

Activity – based – costing ¿
Cost driver

The Activity-Based Costing (ABC) methodology for product pricing comprises five
steps:
1. Determine the primary support activities of the firm.
2. Allocate all production expenses to the corresponding activity.
3. Identify the variables that influence the cost of each task.
4. Ascertain the allocation rate for each cost driver.
5. Calculate the total production costs for each activity based on the number of cost
drivers utilized.

The software firm Intelligent Tech intends to enhance all of its production facilities. A
new piece of equipment is under consideration for each of the 250 universities currently
undergoing evaluation. Currently, only the equipment setup process is incorporated into the
production cost pool. Intelligent Tech has opted for an Activity-Based Costing (ABC) system
for its production methodology. The decision was prompted by escalating costs and the
requisite labor hours. The projected expense of the aforementioned activity is $250,000.

Cost pool total

Activity – based – costing ¿
Cost driver
250,000
Activity – based – costing ¿ =$ 1,000
250

Contribution margin analysis:

The contribution profit margin is a crucial measure that indicates the residual amount
of money after deducting variable expenses. A business must ensure that its remaining assets
are adequate to cover all fixed costs to prevent financial losses. Deduct the unit variable cost
from the selling price per unit to ascertain the contribution profit margin. Evaluating a
product's unit dollar contribution is a method to ascertain its impact on a company's
profitability.
 The contribution profit margin serves as the foundation for break-even analysis,
utilized to determine product sales prices and overarching pricing strategy. The contribution
profit margin of a product distinguishes between operating costs, sales revenue, and variable
costs. This document provides information on product pricing ranges, anticipated profit
margins, and sales commission structures for agents, distributors, and employees.

Contribution margin per unit

Contribution margin per unit may be calculated using the following equation:

Contribution margin per unit ¿ Revenue per unit−Variable Costs

This calculation represents the residual amount available to cover fixed expenditures
upon selling a unit.

We calculate the contribution margin by subtracting the product's variable costs per
unit from its revenue over a given time period (for example, one month).

Contribution margin ¿ Total Revenues−Total Costs

Contribution margin ratio

Revenue divided by the contribution margin equals:

Contribution Margin
Contribution margin ratio ¿
Revenue

This formula can be used on a per-unit basis for a variety of products sold within a
specific timeframe.

Break event point:

Optimizing Profit and Achieving Breakeven The break-even point is determined by

utilizing the profit margin. Currently, revenue is significant enough to cover all fixed costs.
The structure of the equation is as follows:

Break - Even Point in Units:

¿
Break – Even Point (units) ¿ Total ¿ Costs Contribution Marin per Unit
Break - Even Point in Sales Dollars:
¿
Break – Even Point (sales) ¿ Total ¿ Costs Contribution Margin Ratio
Decision-making tools like Cost - Volume - Profit (CVP) analysis

Analysts utilize cost-volume-profit (CVP) analysis to assess the impact of alterations

in fixed and variable costs on a business's profitability. An organization can utilize the CVP
analysis to determine the requisite number of units to sell in order to achieve break-even or
attain a specified minimum profit. The economic viability of product production can be
assessed by a cost-volume-profit analysis. The subsequent action for decision-makers is to
juxtapose the product's sales forecasts with the anticipated sales volume to determine the
feasibility of production.
An enterprise can determine its profitability threshold, irrespective of fluctuations in
sales volumes and cost structures, by conducting a cost-volume-profit analysis, sometimes
referred to as a break-even study. Managers may extract valuable insights from this study to
inform prompt decisions for their organizations. The selling price, fixed costs, and variable
costs per unit remain unchanged. The ability to accurately classify expenses as either fixed or
variable is crucial. Fixed expenditures must retain their current monetary value, as they will be
compensated in subsequent years. Manufactured items are perceived as commodities for sale.
Altering the activity ratio results in cost variability. You can use scatter plot, statistical
regression analysis, or the high-low method to assign semi-variable expenses to the
appropriate cost categories.

Cost – Volume – Profit (CVP) stands for the thorough examination of the relationships
between selling price, sales volume, profit, and production costs.

Statistical regression analysis: A statistical method can simplify the analysis

of a composite cost into its fixed and variable components. The utilization of all
observations is what is required in order to carry out the calibration of a regression
line, which represents the average of all the data points. The employment of a
statistical method makes it easier to break down a composite cost into its component
parts that are fixed and those that are unpredictable. All of the observations are utilized
in order to carry out the process of calibrating a regression line, which represents the
average of all of the given data points.

Scatter plot: A scatter chart is a mathematical representation utilizing

Cartesian coordinates to depict the values of two variables typically seen in data sets.
The scatter plot method is superior to the high-low method when it comes to mixed-
cost analyses being performed. Using the scatter plot method, expenses are segregated
in a clear and distinct manner. It is feasible to visually differentiate between fixed and
variable costs by presenting important data points on a graph. A scatter chart can
illustrate temporal trends, such as the correlation between sales growth and advertising
expenditure, or emphasize operational efficiencies, such as the relationship between
product output and lead time.
 The high – low method: The high-low approach is employed as a cost
accounting strategy to predict the behavior of a company's costs. This strategy excels
in monitoring expenses that fluctuate with production levels. The high-low approach
forecasts future costs by comparing the highest and lowest operational levels with their
corresponding prices. This assists in identifying the cost equations. This
straightforward method can assist nascent enterprises and small corporations in doing
cost research without requiring intricate mathematics or costly statistical instruments.

High – low method formula:

Highest activity cost−Lowest activiy cost
Variable cost per unit¿
Highest activity units−Lowest activity units

Fixed cost¿ Highest activity cost−(Variable cost per unit ×Volume)

The subsequent cost model generated by the high-low method is as follows:

Total cost ¿ ¿ cost +Variable cost × Volume

Account Analysis: Account analysis involves discovering trends and

anomalies within financial statements and specific account items. To ensure the
accuracy of financial statements, essential for financial reporting and informed
decision-making, firms must evaluate the financial performance of their accounts. The
evaluation of financial condition and the enactment of remedial actions are enhanced
by consistent execution. Account analysis facilitates the identification of discrepancies,
the avoidance of fraud, and conformity to financial standards, enabling organizations to
comprehend their income streams, expenditures, and overall financial state. A
corporation may detect an unforeseen rise in accounts payable during an account audit.
This may promote additional research and assist in identifying the fundamental reason
of the increase.
Engineering Approach: The engineering method analyzes costs by utilizing
engineering estimations of the inputs required for production. This technique employs
engineering data to quantify the resources—such as labor, materials, and overhead—
required to attain a certain objective.

Example for Contribution Margin and Cost – Volume – Profit

Depiction of the Contribution Margin in the Milk Tea Industry. Assume that pearl milk
tea is manufactured by a Vietnamese enterprise. The selling price of a cup of pearl milk tea is
$4.00, and the variable cost is $2.10. The subsequent formula can be employed to ascertain the
contribution margin.

Contribution margin per milk tea may be calculated using the following equation:
 Contribution margin per unit ¿ Revenue per unit−Variable Costs

Contribution Marin per unit ¿ $ 4.00−$ 2.10=$ 1.90

In order to cover fixed expenses, the organization allocated $1.70 per cup of pearl milk
tea sold.

In order to calculate the contribution margin ratio in relation to revenue, we make use
of the following formula:

Contribution Margin
Contribution margin ratio ¿
Revenue

$ 1.90
Contribution margin ratio ¿ × 100=47.5 %
$ 4.00

Assume that the monthly fixed expenses of the corporation amount to one thousand
dollars. The operational expenses related to the milk tea production line are included in these
expenditures, along with the price of renting buildings and paying salaries to employees. In
order to ascertain the precise moment at which we regain profitability, we make use of the
formula that is presented below:
¿
Break – Even Point (units) ¿ Total ¿ Costs Contribution Marin per Unit

$ 1000
Break – Even Point (units) ¿ =526.31 units
$ 1.90

According to the manufacturer, the company needs to sell 527 cups of bubble tea per
month to cover its fixed expenses, even if there is no profit. Upon the sale of 527 cups, the
company will achieve break-even status. A profit will not be realized until 528 smoothies are
sold; at that point, the contribution margin remains.
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