| Judul Buku | : | Managerial Accounting Second Edition – Asia Global Edition 2e |
| Pengarang | : | Ray H. Garrison D.B.A., CPA – Eric W. Noreen, Ph.D., DMA – Peter C. Brewer, Ph.D., CPA – Nam Sang Cheng, Ph.D., FCA – Katherine C.K. Yuen, M.Sc., FCA |
| Penerbit | : | Mc Graw Hill Education |
| Cetakan | : | Second Edition |
| Tahun Terbit | : | 2015 | |
| Bahasa | : | Inggris | |
| Jumlah Halaman | : | 2200 | |
| Kertas Isi | : | HVS | |
| Cover | : | Flexi | |
| Ukuran | : | 22 x 28 | |
| Berat | : | 2200 | |
| Kondisi | : | Baru | |
| Harga | : | Rp 435,000 | |
| Bayar | : | | |
| Stock | : | 1 | |
Managerial Accounting Second Edition – Asia Global Edition 2e
Pengarang : Ray H. Garrison D.B.A., CPA – Eric W. Noreen, Ph.D., DMA – Peter C. Brewer, Ph.D., CPA – Nam Sang Cheng, Ph.D., FCA – Katherine C.K. Yuen, M.Sc., FCA
Penerbit : Mc Graw Hill Education
Contents
Chapter 1
Managerial Accounting and the Business Environment 1
What Is Managerial Accounting (Also Known as Management Accounting)? 2
Planning 2
Directing and Motivating 4
Controlling 5
Decision Making 5
The End Results of Managers’ Activities 6
Emphasis on the Future 6
Relevance of Data 7
Less Emphasis on Precision 7
Segments of an Organization 7
Generally Accepted Accounting Principles (GAAP) 7
Managerial Accounting—Not Mandatory 8
What is Cost Accounting? 8
Management Accounting and Globalization 8
A Strategic View of Management Accounting 11
Value Creation 12
Value Creation—External Perspectives 13
Value Creation—Internal Perspectives 13
A Leadership Perspective 14
Intrinsic Motivation 14
Extrinsic Incentives 15
Cognitive Bias 15
A Cultural Perspective 15
Managerial Accounting: Beyond the Numbers 17
An Ethics Perspective 17
Code of Conduct for Management Accountants 18
Code of Conduct on the International Level 20
A Corporate Governance Perspective 20
The Sarbanes-Oxley Act of 2002 21
An Enterprise Risk Perspective 22
Indentifying and Controlling Business Risks 23
A Corporate Social Responsibility and Sustainability Perspective 25
Professional Qualifications for Management Accounting 28
Summary 28
Glossary 28
Questions 29
Exercises 30
Chapter2
Cost Concepts 35
General Cost Classifications 37
Cost Classifications for Manufacturing Companies 38
Manufacturing Costs 38
Direct Materials 38
Direct Labor 38
Manufacturing overhead, 40
Nonmanufacturing Costs 40
Selling costs 40
Administrative costs 40
Accounting Treatments of Manufacturing versus Nonmanufacturing Costs 40
Cost Classifications for Preparing Financial Statements 41
Product Costs 41
Period Costs 42
Prime Cost and Conversion Cost 43
Cost Classifications on Financial Statements 44
The Statement of Financial Position (or Balance Sheet) 44
The Income Statement 45
Schedule of Cost of Goods Manufactured 48
Product Cost Flows 49
Inventoriable Costs 50
An Example of Cost Flows 50
Cost Classifications for Predicting Cost Behavior 50
Variable Cost 50
Fixed Cost 54
Cost Classifications for Assigning Costs to Cost Objects 56
Direct Cost 56
Indirect Cost 56
Cost Classifications for Decision Making 57
Differential Cost and Revenue 57
Opportunity Cost 58
Sunk Cost 59
Supplement A 59
Cost of Goods Manufactured 59
Supplement B 61
Relationship between Cost of Goods Manufactured and Cost of Goods Sold 61
Supplement C 62
Accounting Entries for Manufacturing Companies 62 Summary 65
Review Problem 1: Cost Terms 66
Review Problem 2: Schedule of Cost of Goods Manufactured and Income Statement 67
Glossary 68
Questions 69
Exercises 70
roblems 74
Cases 82
Appendix 2A: Further Classification of Labor Costs 84
Appendix 2B: Cost of Quality 87
Chapter 3
Cost Behavior: Analysis and Use 99
Types of Cost Behavior Patterns 101
Variable Costs 101
The Activity Base 103
Extent of Variable Costs 104
True Variable versus Step-Variable Costs 105
True Variable Costs 105
Step-Variable Costs 105
The Linearity Assumption and Relevant Range 106
Fixed Costs 107
Types of Fixed Costs 107
Committed Fixed Costs 108
Discretionary Fixed Costs 108
The Trend towards Fixed Costs 110
Is Labor a Variable or a Fixed Cost? 112
Fixed Costs and the Relevant Range 113
Mixed Costs 115
The Analysis of Mixed Costs 116
Diagnosing Cost Behavior with a Scattergraph Plot 118
The High-Low Method 122
The Least-Squares Regression Method 124
Multiple Regression Analysis 126
The Contribution Format Income Statement 126
Why a New Income Statement Format? 126
The Contribution Approach 127
Summary 128
Review Problem 1: Cost Behavior 128
Review Problem 2: High-Low Method 129
Glossary 130
Questions 131
Applying Excel 131
The Foundational 15 133
Exercises 133
Problems 137
Cases 142
Appendix 3A: Least Squares Regression Computations 144
Chapter 4
Cost-Volume-Profit Relationships 151
The Basics of Cost-Volume-Profit (CVP) Analysis 154
Contribution Margin 154
CVP Relationships in Equation Form 156
CVP Relationships in Graphic Form 157
Preparing the CVP Graph 157
Contribution Margin Ratio (CM Ratio) 160
Some Applications of CVP Concepts 161
Change in Fixed Cost and Sales Volume 161
Change in Variable Costs and Sales Volume 162
Change in Fixed Cost, Sales Price and Sales Volume 163
Change in Variable Cost, Fixed Cost, and Sales Volume 165
Solution 165
Change in Selling Price 165
Break-Even and Target Profit Analysis 166
Break-Even Analysis 166
The Equation Method 166
The Formula Method 166
Break-Even in Dollar Sales 167
Target Profit Analysis 167
The Equation Method 168
The Formula Method 168
Target Profit Analysis in Terms of Dollar Sales 168
The Margin of Safety 169
Linking Margin of Safety Percentage with Break-Even Percentage 170
CVP Considerations in Choosing a Cost Structure 171
Cost Structure and Profit Stability 172
Operating Leverage 174
Structuring Sales Commissions 176
Sales Mix 177
The Definition of Sales Mix and Break-Even Analysis 177
Using Sales Dollar Ratio and Overall Contribution Margin Ratio to Calculate Breakeven 178
Using Sales Unit Ratio and Weighted Unit Contribution Margin to Calculate Breakeven 180
Break-Even Percentage 181
Summary 183
Review Problem: CVP Relationships 183
Glossary 186
Questions 186 .
Applying Excel 187
The Foundational 15 188
Exercises 189
Problems 194
Cases 201
Appendix 4A: Margin of Safety Percentage (MoS%), Degree of Operating Leverage (DOL), and Break-Even Percentage (BE%) 203
Appendix 4B: Margin of Safety Percentage (MoS%) and Degree of Operating Leverage (DOL) 205
Chapter 5
Absorption Costing and Variable Costing 207
Overview of Absorption and Variable Costing 209
Absorption Costing 209
Variable Costing 209
Selling and Administrative Expense 209
Summary of Differences 209
Absorption Costing Income Statement 211
Variable Costing Contribution Format Income Statement 212
Reconciliation of Variable Costing with Absorption Costing Income 214
Choosing a Costing Method 216
The Impact on the Manager 216
CVP Analysis and Absorption Costing 217
Decision Making 217
External Reporting and Income Taxes 218
Advantages of Variable Costing and the Contribution Approach 219
Variable Costing and the Theory of Constraints 220
Impact of Lean Production 220
Summary 221
Review Problem: Contrasting Variable and Absorption Costing 222
Glossary 224
Questions 224
Applying Excel 224
The Foundational 15 226
Exercises 227
Problems 231
Cases 238
Appendix 5A: Details of Absorption Costing—Use of Predetermined Overhead Rate 240
Appendix 5B: Absorption Costing with Underapplied/ Overapplied Overhead Adjustments 247
Appendix 5C: Potential Problems of Using Absorption Costing 249\
Chapter 6
Cost Allocations of Service Departments 263
Service Department Charges 265
Charging Costs by Behavior 266
Variable Costs 266
Fixed Costs 266
Should Actual or Budgeted Costs Be Charged? 267
Guidelines for Service Department Charges 267
Example 267
Some Cautions in Allocating Service Department Costs 269
Pitfalls in Allocating Fixed Costs 269
Service Department Allocations 270
Direct Method 271
Step-Down Method 272
Reciprocal Method 274
Comparison of Direct, Step-Down, and Reciprocal Methods 274
Summary 275
Glossary 276
Exercises 276
Problems 278
Cases 281
Chapter 7
Activity-Based Costing: A Tool to Aid Decision Making 283
Activity-Based Costing: An Overview 284
How Costs Are Treated under Activity-Based Costing 288
Nonmanufacturing Costs and Activity-Based Costing 288
Manufacturing Costs and Activity-Based Costing 288
Cost Pools, Allocation Bases, and Activity-Based Costing 288
Designing an Activity-Based Costing (ABC) System 292
Step 1: Define Activities, Activity Cost Pools, and Activity Measures 295
The Mechanism of Activity-Based Costing 296
Step 2: Assign Overhead Costs to Activity Cost Pools 296
Step 3: Calculate Activity Rates 300 Step 4: Assign Overhead Costs to Cost Objects 301
Step 5: Prepare Management Reports 303
Comparison of Traditional and ABC Product Costs 307
Product Margins Computed Using the Traditional Cost System 307
The Differences between ABC and Traditional Product Costs 308
Activity-Based Costing and Customer Profitability Analysis 312
Activity-Based Management: Targeting Process Improvements 318
Activity-Based Costing and External Reports 320
The Limitations of Activity-Based Costing 321
Summary 322
Review Problem: Activity-Based Costing 322
Glossary 324
Questions 325
Applying Excel 325
The Foundational 15 327
Exercises 328 Problems 336
Appendix 7A: ABC Action Analysis 341
Appendix 7B: Using a Modified Form of Activity-Based Costing to Determine Product Costs for External Reports 353
Chater 8
Job-Order Costing 361
Process and Job-Order Costing 363
Process Costing 363
Job-Order Costing (Also Known as Job Costing) 364 *
Job-Order Costing—An Example 365
Measuring Direct Materials Cost 366
Job Cost Sheet 367
Measuring Direct Labor Cost 367
Applying Manufacturing Overhead by Using the Predetermined Overhead Rate 369
Computation of Unit Costs 371
Summary of Document Flows 372
Job-Order Costing—The Flow of Costs 372
The Purchase and Issue of Materials 372
Issue of Direct and Indirect Materials 372
Labor Cost 374
Manufacturing Overhead Costs 376
Applying Manufacturing Overhead 376
The Concept of a Clearing Account 377
Nonmanufacturing Costs 378
Cost of Goods Manufactured 378
Cost of Goods Sold 379
Summary of Cost Flows 379
Problems of Overhead Application 383
Underapplied and Overapplied Overhead 383
Disposition of Underapplied or Overapplied Overhead Balances 384
Closed Out to Cost of Goods Sold 384
Allocated between Accounts 384
Which Method Should Be Used for Disposing of Underapplied or Overapplied Overhead? 385
Job-Order Costing in Service Companies 385
Use of Information Technology 386
Summary 388
Review Problem: Job-Order Costing 388
Glossary 391
Questions 391
Applying Excel 392
The Foundational 15 393
Exercises 394
Problems 402
Cases 412
Appendix 8A: Activity-Based Job-Order Costing 415
Chapter 9
Process Costing 419
Comparison of Job-Order and Process Costing 421
Similarities between Job-Order and Process Costing 421
Differences between Job-Order and Process Costing 421
Cost Flows in Process Costing 422
Processing Departments 423
The Flow of Materials, Labor, and Overhead Costs 424
Materials, Labor, and Overhead Cost Entries 425
Materials Costs 425
Labor Costs 425
Overhead Costs 425
Completing the Cost Flows 426
Equivalent Units of Production 428
Weighted-Average Method 429
Compute and Apply Costs 431
Cost per Equivalent Unit—Weighted-Average Method 431
Applying Costs—Weighted-Average Method 432
Cost Reconciliation Report 433
Operation Costing 433
Supplementary Notes 434
Step 1: Summarize the Physical Flow of Units (the Green Area) 436
Step 2: Compute the Equivalent Units of Production (the Blue Area) 436
Step 3: Summarize the Total Cost Incurred for the Period and then Compute the Cost per Equivalent Unit (the Yellow Area) 437
Step 4: Calculate the Values of Completed Units and Ending Work in Process Inventories (the Peach Area) 438
Step 5: Check Cost Reconciliation (the Black Cells: Total Cost = Total Value) 438
Transferred-in Costs and Materials 439
A Generalized Format 440
Summary 441
Review Problem: Process Cost Flows and Costing Units 442
Glossary 445
Questions 445
Applying Excel 445
The Foundational 15 447
Exercises 448
Problems 452
Cases 456
Appendix 9A: FIFO Method 457
Supplementary Notes 462
Appendix 9B: Losses In Process Costing 472
Appendix 9C: Activity-Based Process Costing 479
Chapter 10
Master Budgeting 481
The Basic Framework of Budgeting 483
Advantages of Budgeting 483
Responsibility Accounting 483
Choosing a Budget Period 484
Bottom-Up versus Top-Down of Budgeting 484
Budget Lapsing 487
Incremental versus Zero-Based Budgets 487
Top Management Attitude in Budgeting 488
Stretch Budgets and Rewards 488
The Budget Committee 489
Technical Aspects of Budget Preparation 490
The Master Budget: An Overview 490
Preparing the Master Budget for a Manufacturing Company 492
The Sales Budget 493
The Production Budget 494
Inventory Purchases—Merchandising Company 496
The Direct Materials Budget 496
The Direct Labor Budget 498
The Manufacturing Overhead Budget 499
The Ending Finished Goods Inventory Budget 501
The Selling and Administrative Expense Budget 501
The Cash Budget 503
The Budgeted Income Statement 507
The Budgeted Balance Sheet 507
Essential Aspects of Budgeting: A Hypothetical Service Company 510
Costs and Benefits of Budgeting 413
Summary 514
Review Problem: Budget Schedules 514
Glossary 516
Questions 517
Applying Excel 518
The Foundational 15 519
Exercises 520
Problems 524
Cases 536
Chapter 11
Flexible Budgets and Performance Analysis 541
Variance Analysis Cycle and Management by Exception 543
Flexible Budgets 544
Characteristics of a Flexible Budget 544
Deficiencies of the Static Planning Budget 545
How a Flexible Budget Works 547
Flexible Budget Variances 547
Activity Variances 548
Revenue and Spending Variances 549
A Performance Report Combining Activity and Revenue and Spending Variances 551
Performance Reports in Nonprofit Organizations 553
Performance Reports in Cost Centers 553
Flexible Budgets with Multiple Cost Drivers 554
Some Common Errors 555
Summary 557
Review Problem: Variance Analysis Using a Flexible
Budget 558
Glossary 559
Questions 560
Applying Excel 560
The Foundational 15 561 Exercises 562
Problems 570
Cases 575
Chapter 12
Standard Costs and Variances 579
Standard Costs—Setting the Stage 580
Setting Direct Materials Standards 581
Setting Direct Labor Standards 582
Setting Variable Manufacturing Overhead Standards 583
Using Standards in Flexible Budgets 584
A General Model for Standard Cost Variance Analysis 584
Using Standard Costs—Direct Materials Variances 586
The Materials Price Variance 587
The Materials Quantity Variance 588
Using Standard Costs—Direct Labor Variances 589
The Labor Rate Variance 590
The Labor Efficiency Variance 590
Using Standard Costs—Variable Manufacturing Overhead Variances 592
The Variable Manufacturing Overhead Rate and Efficiency Variances 592
An Important Subtlety in the Materials Variances 595
International Uses of Standard Costs 596
Standard Costs—Managerial Implications 597
Advantages of Standard Costs 597
Potential Problems with Standard Costs 598
Supplementary Note on Variance Analysis Calculations 598
Add factors to the columns: 599
Add factors to the rows: 600
Add factors to both the columns and rows: 600
Activity Variance 601
Put It into Practice 602
Examples of More Complicated Labor Variances 605
Generalize the Model to Help Produce the Performance Report in Chapter 11 606
Summary 607
Review Problem: Standard Costs 607
Glossary 610
Questions 611
Applying Excel 611
The Foundational 15 613
Exercises 613
Problems 616
Cases 621
Appendix 12A: Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System 622
Supplementary Note on Overhead Variance Analysis Calculations in a Standard Costing System 628
Appendix 12B: Journal Entries to Record Variances 636
Chapter 13
Performance Measurement in Decentralized Organizations 643
Decentralization in Organizations 645
Advantages and Disadvantages of Decentralization 645
Responsibility Accounting 646
Cost, Profit, and Investment Centers 647
Cost Center 647
Profit Center 647
Investment Center 647
An Organizational View of Responsibility Centers 647
Decentralization and Segment Reporting 649
Building a Segmented Income Statement 650
Levels of Segmented Statements 651
Sales and Contribution Margin 653
Traceable and Common Fixed Costs 653
Identifying Traceable Fixed costs 653
Activity-Based Costing 654
Traceable Costs Can Become Common Costs 654
Segment Margin 655
Segmented Financial Information in External Reports 657
Hindrances to Proper Cost Assignment 658
Omission of Costs 658
Inappropriate Methods for Assigning Traceable Costs among Segments 659
Failure to Trace Costs Directly 659
Inappropriate Allocation Base 659
Arbitrarily Dividing Common Costs among Segments 660
Evaluating Investment Center Performance—Return on Investment 660
The Return on Investment (ROI) Formula 661
Net Operating Income and Operating Assets Defined 661
Understanding ROI 661
Criticisms of ROI 664
Residual Income 665
Motivation and Residual Income 666
Divisional Comparison and Residual Income 668
Operating Performance Measures 669
Delivery Cycle Time 669
Throughput (Manufacturing Cycle) Time 669
Manufacturing Cycle Efficiency (MCE) 669
Balanced Scorecard 672
Common Characteristics of Balanced Scorecards 673
A Company’s Strategy and the Balanced Scorecard 676
Derive Key Performance Indicators for a Balanced Scorecard 677
Summary of the Measures and Their Purposes 678
A Balanced Scorecard Example for a Business Division of Media Products Manufacturer 678
Tying Compensation to the Balanced Scorecard 679
Advantages of Timely and Graphic Feedback 680
Summary 682
Review Problem 1: Segmented Statements 682
Review Problem 2: Return on Investment (ROI) and Residual Income 684
Glossary 685
Questions 685
Applying Excel 686
The Foundational 15 687
Exercises 688
Problems 695
Cases 706
Appendix 13A: Transfer Pricing 708
Chapter 14
Differential Analysis: The Key to Decision Making 723
Cost Concepts for Decision Making 725
Identifying Relevant Costs and Benefits 725
Different Costs for Different Purposes 727
An Example of Identifying Relevant Costs and Benefits 727
Reconciling the Total and Incremental Approaches 729
Total versus Incremental Approaches, Which Approach to Use? 731
Adding and Dropping Product Lines and Other Segments 733
An Illustration of Cost Analysis 733
A Comparative Format 735
Beware of Allocated Fixed Costs 736
The Make or Buy Decision 737
Strategic Aspects of the Make or Buy Decision 738
An Example of Make or Buy 738
Opportunity Cost 740
Value to Business (Deprival Value) 741
Special Orders 744
The Minimum Price 745
Utilization of a Constrained Resource 745
Contribution Margin per Unit of the Constrained Resource 746
Managing Constraints 748
The Problem of Multiple Constraints 750
Joint Product Costs and the Contribution Approach 750
The Pitfalls of Allocation 750
Sell or Process Further Decisions 752
Activity-Based Costing and Relevant Costs 754
Summary 754
Review Problem: Relevant Costs 754
Glossary 755
Questions 756
Applying Excel 757
The Foundational 15 758
Exercises 759
Problems 767
Cases 775
Chapter 15
Capital Budgeting Decisions 783
Capital Budgeting—Planning Investments 785
Typical Capital Budgeting Decisions 785
Cash Flows versus Net Operating Income 785
Typical Cash Outflows 786 Typical Cash Inflows 786
The Time Value of Money 786
The Net Present Value Method 787
The Net Present Value Method Illustrated 787
Method 1: Using a Present Value Table to Compute Net Present Value 788
Xlethod 2: Using Spreadsheets to Compute the Net Present Value 789
Method 3: Using an Annuity Table to Compute Net Present Value 789
Recovery of the Original Investment 790
Simplifying Assumptions 791
Choosing a Discount Rate 792
An Extended Example of the Net Present Value ‘Method 792
The Internal Rate of Return Method 794
The Internal Rate of Return Method Illustrated 794
Salvace Value and Other Cash Flows 795
Usina the Internal Rate of Return 795
The Cost of Capital as a Screening Tool 796
Comparison of the Net Present Value and Internal Rate of Return Methods 796
Expanding the Net Present Value Method 797
The Total-Cost Approach 797
The Incremental-Cost Approach 799
The Total-Cost Approach versus the Incremental-Cost Approach 800
Least-Cost Decisions 800
Uncertain Cash Flows 802 An Example 802
Real Options 803
Preference Decisions—The Ranking of Investment Projects 804
Internal Rate of Return Method 804
Net Present Value Method 804
Other Approaches to Capital Budgeting Decisions 805
The Payback Method 805
Evaluation of the Payback Method 806
An Extended Example of Payback 807
Payback and Uneven Cash Flows 809
The Simple Rate of Return Method 809
Criticisms of the Simple Rate of Return 811
Postaudit of Investment Projects 811
Summary 813
Review Problem: Comparison of Capital Budgeting Methods 813
Glossary 815
Questions 815
Applying Excel 816
The Foundational 15 817
Exercises 818
Problems 822
Cases 828
Appendix 15A: The Concept of Present Value 830
Appendix 15B: Present Value Tables 836
Appendix 15C: Income Taxes and the Net Present Value Method 838
Chapter 16
Statement of Cash Flows 843
The Statement of Cash Flows: Key Concepts 845
Organizing the Statement of Cash Flows 845
Operating Activities: Direct or Indirect Method? 846
The Indirect Method: A Three-Step Process 847
Step 1 847
Step 2 848
Step 3 850
Investing and Financing Activities: Gross Cash Flows 850
Property, Plant, and Equipment 851
Retained Earnings 852
Summary of Key Concepts 853
An Example of a Statement of Cash Flows 854
Operating Activities 856
Step 1 856
Step 2 856
Step3 857
Investing Activities 857
Financing Activities 858
Seeing the Big Picture 859
Interpreting the Statement of Cash Flows 861 Consider a Company’s Specific Circumstances 861
Consider the Relationships among Numbers 862
Free Cash Flow 862
Earnings Quality 863
Summary 863
Review Problem 864
Glossary 868
Questions 868
The Foundational 15 868
Exercises 870
Problem 873
Appendix 16A: The Direct Method of Determining the NetCash Provided by Operating Activities 881
Chapter 17
Financial Statement Analysis 887
Limitations of Financial Statement Analysis 888
Comparing Financial Data across Companies 888
Looking beyond Ratios 888
Statements in Comparative and Common-Size Form 888
Dollar and Percentage Changes on Statements 889
Common-Size Statements 889
Net Profit Margin Percentage 893
Ratio Analysis—The Common Stockholder (Equity Shareholder) 894
Earnings per Share 894
Price-Earnings Ratio 894
Dividend Payout and Yield Ratios 895
The Dividend Payout Ratio 895
The Dividend Yield Ratio 896
Return on Total Assets 896
Return on Common Stockholders’ Equity 897
Financial Leverage 897
Book Value per Share 898
Ratio Analysis—The Short-Term Creditor 898
Working Capital 898
Current Ratio 898
Acid-Test (Quick) Ratio 899
Accounts Receivable Turnover 900
Inventory Turnover 900
Ratio Analysis—The Long-Term Creditor 901
Times Interest Earned Ratio (Interest Cover) 901
Debt-to-Equity Ratio 902
Equity Multiplier 902
Total Asset Turnover 903
Summary of Ratios and Sources of Comparative Ratio Data 903
Summary 906
Review Problem: Selected Ratios and Financial Leverage 906
Glossary 908
Questions 908
The Foundational 15 909
Exercises 910
Problems 915
Appendix A
Pricing Products and Services 925
Introduction 926
The Economists’ Approach to Pricing 926
Elasticity of Demand 926
The Profit-Maximizing Price 928
The Absorption Costing Approach to Cost-Plus Pricing 931
Setting a Target Selling Price Using the Absorption Costing Approach 931
Determining the Markup Percentage 932
Problems with the Absorption Costing Approach 933
Target Costing 934
Reasons for Using Target Costing 935
An Example of Target Costing 935
Value-Based Pricing 936
Summary 936
Glossary 936
Questions 937
Exercises 937
Problems 938
Appendix B
Profitability Analysis 943
Introduction 944
Absolute Profitability 944
Relative Profitability 945
Volume Trade-Off Decisions 948
Managerial Implications 948
Summary 951
Glossary 952
Questions 952
Exercises 952
Problems 953
Cases 956
Photo Credits 957
Index 959
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