ࡱ>  l>#` 06bjbj #- D|||~ N^666*2N$h.66 .666 `"6$Z|JK4Y<ձH^f*LU^^^X^^^Ğ|| Chapter 12 Segment Reporting and Decentralization Solutions to Questions 12-1 In a decentralized organization, decision-making authority isnt confined to a few top executives, but rather is spread throughout the organization with lower-level managers and other employees empowered to make decisions. 12-2 The benefits of decentralization include: (1) by delegating day-to-day problem solving to lower-level managers, top management can concentrate on bigger issues such as overall strategy; (2) empowering lower-level managers to make decisions puts decision-making authority in the hands of those who tend to have the most detailed and up-to-date information about day-to-day operations; (3) by eliminating layers of decision-making and approvals, organizations can respond more quickly to customers and to changes in the operating environment; (4) granting decision-making authority helps train lower-level managers for higher-level positions; and (5) empowering lower-level managers to make decisions can increase their motivation and job satisfaction. 12-3 A cost center manager has control over cost, but not revenue or the use of investment funds. A profit center manager has control over both cost and revenue. An investment center manager has control over cost and revenue and the use of investment funds. 12-4 A segment is any part or activity of an organization about which a manager seeks cost, revenue, or profit data. Examples of segments include departments, operations, sales territories, divisions, product lines, and so forth. 12-5 Under the contribution approach, costs are assigned to a segment if and only if the costs are traceable to the segment (i.e., could be avoided if the segment were eliminated). Common costs are not allocated to segments under the contribution approach. 12-6 A traceable cost of a segment is a cost that arises specifically because of the existence of that segment. If the segment were eliminated, the cost would disappear. A common cost, by contrast, is a cost that supports more than one segment, but is not traceable in whole or in part to any one of the segments. If the departments of a company are treated as segments, then examples of the traceable costs of a department would include the salary of the departments supervisor, depreciation of machines used exclusively by the department, and the costs of supplies used by the department. Examples of common costs would include the salary of the general counsel of the entire company, the lease cost of the headquarters building, corporate image advertising, and periodic depreciation of machines shared by several departments. 12-7 The contribution margin is the difference between sales revenue and variable expenses. The segment margin is the amount remaining after deducting traceable fixed expenses from the contribution margin. The contribution margin is useful as a planning tool for many decisions, including those in which fixed costs dont change. The segment margin is useful in assessing the overall profitability of a segment. 12-8 If common costs were allocated to segments, then the costs of segments would be overstated and their margins would be understated. As a consequence, some segments may appear to be unprofitable and managers may be tempted to eliminate them. If a segment were eliminated because of the existence of arbitrarily allocated common costs, the overall profit of the company would decline by the amount of the segment margin because the common cost would remain. The common cost that had been allocated to the segment would then be reallocated to the remaining segmentsmaking them appear less profitable. 12-9 There are often limits to how far down an organization a cost can be traced. Therefore, costs that are traceable to a segment may become common as that segment is divided into smaller segment units. For example, the costs of national TV and print advertising might be traceable to a specific product line, but be a common cost of the geographic sales territories in which that product line is sold. 12-10 Margin refers to the ratio of net operating income to total sales. Turnover refers to the ratio of total sales to average operating assets. The product of the two numbers is the ROI. 12-11 Residual income is the net operating income an investment center earns above the companys minimum required rate of return on operating assets. 12-12 If ROI is used to evaluate performance, a manager of an investment center may reject a profitable investment opportunity whose rate of return exceeds the companys required rate of return but whose rate of return is less than the investment centers current ROI. The residual income approach overcomes this problem since any project whose rate of return exceeds the companys minimum required rate of return will result in an increase in residual income. 12-13 A transfer price is the price charged for a transfer of goods or services between segments of the same organization, such as two departments or divisions. Transfer prices are needed for performance evaluation purposes. The selling unit gets credit for the transfer price and the buying unit must deduct the transfer price as an expense. 12-14 If the selling division has idle capacity, any transfer price above the variable cost of producing an item for transfer will generate some additional profit. 12-15 If the selling division has no idle capacity, then the transfer price would have to cover at least the divisions variable cost plus the contribution margin on lost sales. 12-16 Cost-based transfer prices are widely used because they are easily understood and convenient to use. Their disadvantages are that they can lead to poor decisions regarding whether transfers should be made, they provide little incentive for cost control, and the selling division makes no profit. 12-17 Using the market price as the transfer price can lead to incorrect decisions. When the selling division has idle capacity, the cost to the company of the transfer is just the variable cost of the item transferred. However, if the market price is used as the transfer price, the buying division regards the market price as the cost. This can lead to suboptimal pricing and other decisions. 12-18 Variable service department costs should be charged to operating departments using a predetermined rate applied to the actual services consumed. The predetermined rate should be based on budgeted costs and service levels. 12-19 Fixed service department costs should be charged in lump-sum amounts to the operating departments in proportion to their peak-period needs or long-run average needs for the services provided by the service department. Budgeted costs, not actual costs, should be charged. Exercise 12-1 (10 minutes) TotalCDDVDSales* $750,000$300,000$450,000Variable expenses** 435,000120,000315,000Contribution margin 315,000180,000135,000Traceable fixed expenses 183,000138,00045,000Product line segment margin 132,000$ 42,000$ 90,000Common fixed expenses not traceable to products 105,000Net operating income $ 27,000 * **CD: 37,500 packs $8.00 per pack = $300,000; DVD: 18,000 packs $25.00 per pack= $450,000. CD: 37,500 packs $3.20 per pack = $120,000; DVD: 18,000 packs $17.50 per pack= $315,000. Exercise 12-2 (10 minutes) 1. EMBED Equation.DSMT4  2. EMBED Equation.DSMT4  3. EMBED Equation.DSMT4  Exercise 12-3 (10 minutes) Average operating assets (a) 2,200,000Net operating income 400,000Minimum required return: 16% (a) 352,000Residual income 48,000 Exercise 12-4 (20 minutes) 1. The lowest acceptable transfer price from the perspective of the selling division is given by the following formula:  EMBED Equation.DSMT4  There is no idle capacity, so each of the 20,000 units transferred from Division X to Division Y reduces sales to outsiders by one unit. The contribution margin per unit on outside sales is $20 (= $50 $30).  EMBED Equation.DSMT4  The buying division, Division Y, can purchase a similar unit from an outside supplier for $47. Therefore, Division Y would be unwilling to pay more than $47 per unit.  EMBED Equation.DSMT4  The requirements of the two divisions are incompatible and no transfer will take place. 2. In this case, Division X has enough idle capacity to satisfy Division Ys demand. Therefore, there are no lost sales and the lowest acceptable price as far as the selling division is concerned is the variable cost of $20 per unit.  EMBED Equation.DSMT4  The buying division, Division Y, can purchase a similar unit from an outside supplier for $34. Therefore, Division Y would be unwilling to pay more than $34 per unit.  EMBED Equation.DSMT4  In this case, the requirements of the two divisions are compatible and a transfer will hopefully take place at a transfer price within the range:  EMBED Equation.DSMT4  Exercise 12-5 (15 minutes) 1. and 2. Arbon RefineryBeck RefineryTotalVariable cost charges:$0.30 per gallon 260,000 gallons $ 78,000$0.30 per gallon 140,000 gallons $ 42,000$120,000Fixed cost charges:60% $200,000 120,00040% $200,000 80,000200,000Total charges $198,000$122,000$320,000 3. Part of the $365,000 in total actual cost will not be allocated to the refineries, as follows: Variable CostFixed CostTotalTotal actual costs incurred $148,000$217,000$365,000Total charges (above) 120,000200,000320,000Spending variance $ 28,000$ 17,000$ 45,000 The overall spending variance of $45,000 represents costs incurred in excess of the budgeted $0.30 per gallon variable cost and budgeted $200,000 in fixed costs. This $45,000 in unallocated cost is the responsibility of the Transport Services Department. Exercise 12-6 (20 minutes) 1. TotalGeographic MarketCompanySouthCentralNorthSales $1,500,000$400,000$600,000$500,000Variable expenses 588,000208,000180,000200,000Contribution margin 912,000192,000420,000300,000Traceable fixed expenses 770,000240,000330,000200,000Geographic market segment margin 142,000$(48,000)$ 90,000$100,000Common fixed expenses not traceable to geographic markets* 175,000Net operating income (loss) $(33,000) *$945,000  $770,000 = $175,000. 2.Incremental sales ($600,000 15%) $90,000Contribution margin ratio ($420,000 $600,000) נ70%Incremental contribution margin 63,000Less incremental advertising expense 25,000Incremental net operating income $38,000 Yes, the advertising program should be initiated. Exercise 12-7 (15 minutes) 1. ROI computations:  EMBED Equation.DSMT4  Eastern Division:  EMBED Equation.DSMT4  Western Division:  EMBED Equation.DSMT4  2. The manager of the Western Division seems to be doing the better job. Although her margin is three percentage points lower than the margin of the Eastern Division, her turnover is higher (a turnover of 3.5, as compared to a turnover of two for the Eastern Division). The greater turnover more than offsets the lower margin, resulting in a 21% ROI, as compared to an 18% ROI for the other division. Notice that if you look at margin alone, then the Eastern Division appears to be the strongest division. This fact underscores the importance of looking at turnover as well as at margin in evaluating performance in an investment center. Exercise 12-8 (30 minutes) 1. Computation of ROI. Division A:  EMBED Equation.DSMT4  Division B:  EMBED Equation.DSMT4  Division C:  EMBED Equation.DSMT4  2.Division ADivision BDivision CAverage operating assets $1,500,000$5,000,000$2,000,000Required rate of return נ15%נ18%נ12%Required operating income $225,000$900,000$240,000Actual operating income $300,000$900,000$180,000Required operating income (above) 225,000900,000240,000Residual income $75,000$0$(60,000) Exercise 12-8 (continued) 3.a. and b.Division ADivision BDivision CReturn on investment (ROI) 20%18%9%Therefore, if the division is presented with an investment opportunity yielding 17%, it probably would RejectRejectAcceptMinimum required return for computing residual income 15%18%12%Therefore, if the division is presented with an investment opportunity yielding 17%, it probably would AcceptRejectAccept If performance is being measured by ROI, both Division A and Division B probably would reject the 17% investment opportunity. The reason is that these companies are presently earning a return greater than 17%; thus, the new investment would reduce the overall rate of return and place the divisional managers in a less favorable light. Division C probably would accept the 17% investment opportunity, since its acceptance would increase the Divisions overall rate of return. If performance is being measured by residual income, both Division A and Division C probably would accept the 17% investment opportunity. The 17% rate of return promised by the new investment is greater than their required rates of return of 15% and 12%, respectively, and would therefore add to the total amount of their residual income. Division B would reject the opportunity, since the 17% return on the new investment is less than Bs 18% required rate of return. Exercise 12-9 (20 minutes) 1.Division ADivision BTotal CompanySales $3,500,0001$2,400,0002$5,200,0003Expenses:Added by the division 2,600,0001,200,0003,800,000Transfer price paid 700,000Total expenses 2,600,0001,900,0003,800,000Net operating income $900,000$500,000$1,400,000 120,000 units $175 per unit = $3,500,000.24,000 units $600 per unit = $2,400,000.3Division A outside sales (16,000 units $175 per unit) $2,800,000Division B outside sales (4,000 units $600 per unit) 2,400,000Total outside sales $5,200,000 Observe that the $700,000 in intracompany sales has been eliminated. 2. Division A should transfer the 1,000 additional units to Division B. Note that Division Bs processing adds $425 to each units selling price (Bs $600 selling price, less As $175 selling price = $425 increase), but it adds only $300 in cost. Therefore, each tube transferred to Division B ultimately yields $125 more in contribution margin ($425 $300 = $125) to the company than can be obtained from selling to outside customers. Thus, the company as a whole will be better off if Division A transfers the 1,000 additional tubes to Division B. Exercise 12-10 (20 minutes) 1.Long-Run Average Number of EmployeesPercentageCutting Department 60030%Milling Department 40020%Assembly Department 1,00050%Total 2,000100% CuttingMillingAssemblyVariable cost charges:$60 per employee 500 employees $ 30,000$60 per employee 400 employees $ 24,000$60 per employee 800 employees $48,000Fixed cost charges:30% $600,000 180,00020% $600,000 120,00050% $600,000 300,000Total charges $210,000$144,000$348,000 2. Part of the total actual cost is not charged to the operating departments as shown below: Variable CostFixed CostTotalTotal actual costs incurred $105,400$605,000$710,400Total charges 102,000600,000702,000Spending variance $ 3,400$ 5,000$ 8,400 The overall spending variance of $8,400 represents costs incurred in excess of the budgeted variable cost of $60 per employee and the budgeted fixed cost of $600,000. This $8,400 in uncharged costs is the responsibility of the Medical Services Department. Exercise 12-11 (20 minutes) 1. $75,000 40% CM ratio = $30,000 increased contribution margin in Dallas. Since the fixed costs in the office and in the company as a whole will not change, the entire $30,000 would result in increased net operating income for the company. It is incorrect to multiply the $75,000 increase in sales by Dallass 25% segment margin ratio. This approach assumes that the segments traceable fixed expenses increase in proportion to sales, but if they did, they would not be fixed. 2. a. The segmented income statement follows: SegmentsTotal CompanyHoustonDallasAmount%Amount%Amount%Sales $800,000100.0$200,000100$600,000100Variable expenses 420,00052.560,00030360,00060Contribution margin 380,00047.5140,00070240,00040Traceable fixed expenses 168,00021.078,0003990,00015Office segment margin 212,00026.5$ 62,00031$150,00025Common fixed expenses not traceable to segments 120,00015.0Net operating income $ 92,00011.5 b. The segment margin ratio rises and falls as sales rise and fall due to the presence of fixed costs. The fixed expenses are spread over a larger base as sales increase. In contrast to the segment ratio, the contribution margin ratio is stable so long as there is no change in either variable expenses or the selling price of a unit of service. Exercise 12-12 (15 minutes) 1. The company should focus its campaign on Landscaping Clients. The computations are: Construction ClientsLandscaping ClientsIncreased sales $70,000$60,000Market CM ratio נ35%נ50%Incremental contribution margin $24,500$30,000Less cost of the campaign 8,0008,000Increased segment margin and net operating income for the company as a whole $16,500$22,000 2. The $90,000 in traceable fixed expenses in the previous exercise is now partly traceable and partly common. When we segment Dallas by market, only $72,000 remains a traceable fixed expense. This amount represents costs such as advertising and salaries that arise because of the existence of the construction and landscaping market segments. The remaining $18,000 ($90,000 $72,000) is a common cost when Dallas is segmented by market. This amount would include such costs as the salary of the manager of the Dallas office that could not be avoided by eliminating either of the two market segments. Exercise 12-13 (20 minutes) 1. ROI computations:  EMBED Equation.DSMT4  Perth:  EMBED Equation.DSMT4  Darwin:  EMBED Equation.DSMT4  2.PerthDarwinAverage operating assets (a) $3,000,000$10,000,000Net operating income $630,000$1,800,000Minimum required return on average operating assets16% (a) 480,0001,600,000Residual income $150,000$200,000 3. No, the Darwin Division is simply larger than the Perth Division and for this reason one would expect that it would have a greater amount of residual income. Residual income cant be used to compare the performance of divisions of different sizes. Larger divisions will almost always look better. In fact, in the case above, Darwin does not appear to be as well managed as Perth. Note from Part (1) that Darwin has only an 18% ROI as compared to 21% for Perth. Exercise 12-14 (15 minutes) 1. EMBED Equation.DSMT4  2. EMBED Equation.DSMT4  Exercise 12-14 (continued) 3. EMBED Equation.DSMT4  Exercise 12-15 (15 minutes) Company ACompany BCompany CSales $400,000*$750,000*$600,000*Net operating income $32,000$45,000*$24,000Average operating assets $160,000*$250,000$150,000*Return on investment (ROI) 20%*18%*16%Minimum required rate of return:Percentage 15%*20%12%*Dollar amount $24,000$50,000*$18,000Residual income $8,000($5,000)$6,000* *Given. Exercise 12-16 (30 minutes) 1. a. The lowest acceptable transfer price from the perspective of the selling division, the Electrical Division, is given by the following formula:  EMBED Equation.DSMT4  Because there is enough idle capacity to fill the entire order from the Motor Division, there are no lost outside sales. And because the variable cost per unit is $21, the lowest acceptable transfer price as far as the selling division is concerned is also $21.  EMBED Equation.DSMT4  b. The Motor Division can buy a similar transformer from an outside supplier for $38. Therefore, the Motor Division would be unwilling to pay more than $38 per transformer.  EMBED Equation.DSMT4  c. Combining the requirements of both the selling division and the buying division, the acceptable range of transfer prices in this situation is:  EMBED Equation.DSMT4  Assuming that the managers understand their own businesses and that they are cooperative, they should be able to agree on a transfer price within this range and the transfer should take place. d. From the standpoint of the entire company, the transfer should take place. The cost of the transformers transferred is only $21 and the company saves the $38 cost of the transformers purchased from the outside supplier. Exercise 12-16 (continued) 2. a. Each of the 10,000 units transferred to the Motor Division must displace a sale to an outsider at a price of $40. Therefore, the selling division would demand a transfer price of at least $40. This can also be computed using the formula for the lowest acceptable transfer price as follows:  EMBED Equation.DSMT4  b. As before, the Motor Division would be unwilling to pay more than $38 per transformer. c. The requirements of the selling and buying divisions in this instance are incompatible. The selling division must have a price of at least $40 whereas the buying division will not pay more than $38. An agreement to transfer the transformers is extremely unlikely. d. From the standpoint of the entire company, the transfer should not take place. By transferring a transformer internally, the company gives up revenue of $40 and saves $38, for a loss of $2. Exercise 12-17 (20 minutes) 1.MensWomensShoesHouse-waresTotalPercentage of 2008 sales 8%40%28%24%100%Allocation of 2008 fixed administrative expenses (based on the above percentages) $72,000$360,000$252,000$216,000$900,000 2.2008 allocation (above) $72,000$360,000$252,000$216,000$900,0002007 allocation 90,000225,000315,000270,000900,000Increase (decrease) in allocation $(18,000)$135,000$(63,000)$(54,000)$0 The manager of the Womens Department undoubtedly will be upset about the increased allocation to the department but will feel powerless to do anything about it. Such an increased allocation may be viewed as a penalty for an outstanding performance. 3. Sales dollars is not ordinarily a good base for allocating fixed costs. The costs allocated to a department will be affected by the sales in other departments. In our illustration above, the sales in three departments remained static and the sales in the fourth increased. As a result, less cost was allocated to the departments with static sales and more cost was allocated to the one department that showed improvement during the period. Exercise 12-18 (15 minutes) DivisionFabConsultingITSales $800,000*$650,000$500,000Net operating income 72,000*26,00040,000*Average operating assets 400,000130,000*200,000Margin 9%4%*8%*Turnover 2.05.0*2.5Return on investment (ROI) 18%*20%20%* *Given. Note that the Consulting and IT Divisions apparently have different strategies to obtain the same 20% return. The Consulting Division has a low margin and a high turnover, whereas the IT Division has just the opposite. Exercise 12-19 (20 minutes) 1.(b)(c)NetAverage(a)OperatingOperatingROISalesIncome*Assets(b) (c)$4,500,000$290,000$800,00036.25%$4,600,000$300,000$800,00037.50%$4,700,000$310,000$800,00038.75%$4,800,000$320,000$800,00040.00%$4,900,000$330,000$800,00041.25%$5,000,000$340,000$800,00042.50% *Sales Contribution Margin Ratio Fixed Expenses 2. The ROI increases by 1.25% for each $100,000 increase in sales. This happens because each $100,000 increase in sales brings in an additional profit of $10,000. When this additional profit is divided by the average operating assets of $800,000, the result is an increase in the companys ROI of 1.25%. Increase in sales $100,000(a)Contribution margin ratio 10%(b)Increase in contribution margin and net operating income (a) (b) $10,000(c)Average operating assets $800,000(d)Increase in return on investment (c) (d) 1.25% Exercise 12-20 (30 minutes) 1. EMBED Equation.DSMT4  2. EMBED Equation.DSMT4  Exercise 12-20 (continued) 3. EMBED Equation.DSMT4  4. EMBED Equation.DSMT4  Problem 12-21 (60 minutes) 1. The disadvantages or weaknesses of the companys version of a segmented income statement are as follows: a. The company should include a column showing the combined results of the three territories taken together. b. The territorial expenses should be segregated into variable and fixed categories to permit the computation of both a contribution margin and a territorial segment margin. c. The corporate expenses are probably common to the territories and should not be allocated. 2. Corporate advertising expenses have apparently been allocated on the basis of sales dollars; the general administrative expenses have apparently been allocated evenly among the three territories. Such allocations can be misleading to management because they seem to imply that these expenses are caused by the segments to which they have been allocated. The segment marginwhich only includes costs that are actually caused by the segmentsshould be used to measure the performance of a segment. A net operating income or loss after allocating common expenses should not be used to judge the performance of a segment. Problem 12-21 (continued) 3.TotalSouthern EuropeMiddle EuropeNorthern EuropeAmount in s%Amount in s%Amount in s%Amount in s%Sales 1,800,000100.0300,000100800,000100700,000100Variable expenses:Cost of goods sold 648,00036.093,00031240,00030315,00045Shipping expense 89,0004.915,000532,000442,0006Total variable expenses 737,00040.9108,00036272,00034357,00051Contribution margin 1,063,00059.1192,00064528,00066343,00049Traceable fixed expenses:Salaries 222,00012.354,0001856,0007112,00016Insurance 39,0002.29,000316,000214,0002Advertising 590,00032.8105,00035240,00030245,00035Depreciation 81,0004.521,000732,000428,0004Total traceable fixed expenses 932,00051.8189,00063344,00043399,00057Territorial segment margin 131,0007.33,0001184,00023(56,000)(8)Common fixed expenses:Advertising (general) 90,0005.0General administration 60,0003.3Total common fixed expense 150,0008.3Net operating loss (19,000)(1.1) Note: Columns may not total due to rounding. Problem 12-21 (continued) 4. The following points should be brought to the attention of management: a. Sales in Southern Europe are much lower than in the other two territories. This is not due to lack of salespeoplesalaries in Southern Europe are about the same as in Middle Europe, which has the highest sales of the three territories. b. Southern Europe is spending less than half as much for advertising as Middle Europe. Perhaps this is the reason for Southern Europes lower sales. c. Northern Europe has a poor sales mix; apparently it is selling a large amount of low-margin items. Note that its contribution margin ratio is only 49%, as compared to 64% or more for the other two territories. d. Northern Europe may be overstaffed. Its total salaries are much higher than in either of the other two territories. e. Northern Europe is not covering its own traceable costs. Attention should be given to changing the sales mix and reducing expenses in this territory. Problem 12-22 (30 minutes) 1. Breaking the ROI computation into two separate elements helps the manager to see important relationships that might remain hidden. First, the importance of turnover of assets as a key element to overall profitability is emphasized. Prior to use of the ROI formula, managers tended to allow operating assets to swell to excessive levels. Second, the importance of sales volume in profit computations is stressed and explicitly recognized. Third, breaking the ROI computation into margin and turnover elements stresses the possibility of trading one off for the other in attempts to improve the overall profit picture. That is, a company may shave its margins slightly hoping for a large enough increase in turnover to increase the overall rate of return. Fourth, it permits a manager to reduce important profitability elements to ratio form, which enhances comparisons between units (divisions, etc.) of the organization. 2.Companies in the Same IndustryABCSales $4,000,000*$1,500,000*$6,000,000Net operating income $560,000*$210,000*$210,000Average operating assets $2,000,000*$3,000,000$3,000,000*Margin 14%14%3.5%*Turnover 2.00.52.0*Return on investment (ROI) 28%7%*7% *Given. NAA Report No. 35 states (p. 35): Introducing sales to measure level of operations helps to disclose specific areas for more intensive investigation. Company B does as well as Company A in terms of profit margin, for both companies earn 14% on sales. But Company B has a much lower turnover of capital than does Company A. Whereas a dollar of investment in Company A supports two dollars in sales each period, a dollar investment in Company B supports only 50 cents in sales each period. This suggests that the analyst should look carefully at Company Bs investment. Is the company keeping an inventory larger than necessary for its sales volume? Are receivables being collected promptly? Or did Company A acquire its fixed assets at a price level which was much lower than that at which Company B purchased its plant? Problem 12-22 (continued) Thus, by including sales specifically in ROI computations the manager is able to discover possible problems, as well as reasons underlying a strong or a weak performance. Looking at Company A compared to Company C, notice that Cs turnover is the same as As, but Cs margin on sales is much lower. Why would C have such a low margin? Is it due to inefficiency, is it due to geographical location (thereby requiring higher salaries or transportation charges), is it due to excessive materials costs, or is it due to still other factors? ROI computations raise questions such as these, which form the basis for managerial action. To summarize, in order to bring Bs ROI into line with As, it seems obvious that Bs management will have to concentrate its efforts on increasing turnover, either by increasing sales or by reducing assets. It seems unlikely that B can appreciably increase its ROI by improving its margin on sales. On the other hand, Cs management should concentrate its efforts on the margin element by trying to pare down its operating expenses. Problem 12-23 (30 minutes) 1.PresentNew LineTotal(1)Sales $21,000,000$9,000,000$30,000,000(2)Net operating income $1,680,000$630,000*$2,310,000(3)Operating assets $5,250,000$3,000,000$8,250,000(4)Margin (2) (1) 8.0%7.0%7.7%(5)Turnover (1) (3) 4.003.003.64(6)ROI (4) (5) 32%21%28% *Sales $9,000,000Variable expenses (65% $9,000,000) 5,850,000Contribution margin 3,150,000Fixed expenses 2,520,000Net operating income $630,000 2. Fred Halloway will be inclined to reject the new product line, since accepting it would reduce his divisions overall rate of return. 3. The new product line promises an ROI of 21%, whereas the companys overall ROI last year was only 18%. Thus, adding the new line would increase the companys overall ROI. 4.a.PresentNew LineTotalOperating assets $5,250,000$3,000,000$8,250,000Minimum required return נ15%נ15%נ15%Minimum net operating income $787,500$450,000$1,237,500Actual net operating income $1,680,000$630,000$2,310,000Minimum net operating income (above) 787,500450,0001,237,500Residual income $892,500$180,000$1,072,500 b. Under the residual income approach, Fred Halloway would be inclined to accept the new product line, since adding the product line would increase the total amount of his divisions residual income, as shown above. Problem 12-24 (60 minutes) 1. From the standpoint of the selling division, Division A:  EMBED Equation.DSMT4   EMBED Equation.DSMT4  But, from the standpoint of the buying division, Division B:  EMBED Equation.DSMT4  Division B wont pay more than $92 and Division A will not accept less than $95, so no deal is possible. There will be no transfer. 2. a. From the standpoint of the selling division, Division A:  EMBED Equation.DSMT4   EMBED Equation.DSMT4  From the standpoint of the buying division, Division B:  EMBED Equation.DSMT4  In this instance, an agreement is possible within the range:  EMBED Equation.DSMT4  Even though both managers would be better off with any transfer price within this range, they may disagree about the exact amount of the transfer price. It would not be surprising to hear the buying division arguing strenuously for $36 while the selling division argues just as strongly for $39. Problem 12-24 (continued) b. The loss in potential profits to the company as a whole will be: Division Bs outside purchase price $39Division As variable cost on the internal transfer 36Potential added contribution margin lost to the company as a whole $3Number of units 70,000Potential added contribution margin and company profits forgone $210,000 Another way to derive the same answer is to look at the loss in potential profits for each division and then total the losses for the impact on the company as a whole. The loss in potential profits in Division A will be: Suggested selling price per unit $38Division As variable cost on the internal transfer 36Potential added contribution margin per unit $2Number of units 70,000Potential added contribution margin and divisional profits forgone $140,000 The loss in potential profits in Division B will be: Outside purchase price per unit $39Suggested price per unit inside 38Potential cost avoided per unit $1Number of units 70,000Potential added contribution margin and divisional profits forgone $70,000 The total of these two amounts ($140,000 + $70,000) equals the $210,000 loss in potential profits for the company as a whole. Problem 12-24 (continued) 3. a. From the standpoint of the selling division, Division A:  EMBED Equation.DSMT4   EMBED Equation.DSMT4  From the standpoint of the buying division, Division B:  EMBED Equation.DSMT4  In this case, an agreement is possible within the range:  EMBED Equation.DSMT4  If the managers understand what they are doing and are reasonably cooperative, they should be able to come to an agreement with a transfer price within this range. b. Division As ROI should increase. The division has idle capacity, so selling 20,000 units a year to Division B should require no increase in operating assets. Therefore, Division As turnover should increase. The divisions margin should also increase, because its contribution margin will increase by $340,000 as a result of the new sales, with no offsetting increase in fixed costs: Selling price $52Variable costs 35Contribution margin $17Number of units 20,000Added contribution margin $340,000 Thus, with both the margin and the turnover increasing, the divisions ROI would also increase. Problem 12-24 (continued) 4. From the standpoint of the selling division, Division A:  EMBED Equation.DSMT4   EMBED Equation.DSMT4  Problem 12-25 (45 minutes) 1.Machine Tools DivisionSpecial Products DivisionVariable costs:$0.50 per machine-hour 60,000 machine-hours $30,000$0.50 per machine-hour 60,000 machine-hours $30,000Fixed costs:65% $80,000 52,00035% $80,000 28,000Total cost allocated $82,000$58,000 The variable costs are charged using the budgeted rate per machine-hour and the actual machine-hours. The fixed costs are charged in predetermined, lump-sum amounts based on budgeted fixed costs and peak-load capacity. Any difference between budgeted and actual costs is not charged to the operating departments but rather is treated as a spending variance of the maintenance department: VariableFixedTotal actual costs for the month $78,000$85,000Total cost charged above 60,00080,000Spending variance not allocated $18,000$ 5,000 2.Actual variable cost $ 78,000Actual fixed cost 85,000Total actual cost $163,000 One-half of the total cost, or $81,500, would be allocated to each division, because an equal number of machine-hours was worked in each division during the month. Problem 12-25 (continued) 3. This method has two major problems. First, allocating the total actual cost of the service department to the operating departments essentially allocates the spending variances to the operating departments. This forces the inefficiencies of the service department onto the operating departments. Second, allocating the fixed costs of the service department according to the actual level of activity in each operating department results in the allocation to one operating department being affected by the actual activity in the other operating departments. For example, if the activity in one operating department falls, the fixed charges to the other operating departments will increase. 4. Managers may understate their peak-period needs to reduce their charges for fixed service department costs. Top management can control such ploys by careful follow-up, with rewards being given to those managers who estimate accurately, and severe penalties assessed against those managers who understate their departments needs. For example, departments that exceed their estimated peak-period maintenance requirements may be forced to hire outside maintenance contractors, at market rates, to do their maintenance work during peak periods. Problem 12-26 (30 minutes) 1.Sales TerritoryTotal CompanyCentralEasternAmount%Amount%Amount%Sales $900,000100.0$400,000100$500,000100Variable expenses 408,00045.3208,00052200,00040Contribution margin 492,00054.7192,00048300,00060Traceable fixed expenses 290,00032.2160,00040130,00026Territorial segment margin 202,00022.4$ 32,0008$170,00034Common fixed expenses* 175,00019.4Net operating income $ 27,0003.0 *465,000  $290,000 = $175,000. Product LineCentral TerritoryAwlsPowsAmount%Amount%Amount%Sales $400,000100.0$100,000100$300,000100Variable expenses 208,00052.025,00025183,00061Contribution margin 192,00048.075,00075117,00039Traceable fixed expenses 114,00028.560,0006054,00018Product line segment margin 78,00019.5$ 15,00015$ 63,00021Common fixed expenses* 46,00011.5Sales territory segment margin $ 32,0008.0 *$160,000  $114,000 = $46,000. Problem 12-26 (continued) 2. Two points should be brought to the attention of management. First, compared to the Eastern territory, the Central territory has a low contribution margin ratio. Second, the Central territory has high traceable fixed expenses. Overall, compared to the Eastern territory, the Central territory is very weak. 3. Again, two points should be brought to the attention of management. First, the Central territory has a poor sales mix. Note that the territory sells very little of the Awls product, which has a high contribution margin ratio. It is this poor sales mix that accounts for the low overall contribution margin ratio in the Central territory mentioned in part (2) above. Second, the traceable fixed expenses of the Awls product seem very high in relation to sales. These high fixed expenses may simply mean that the Awls product is highly leveraged; if so, then an increase in sales of this product line would greatly enhance profits in the Central territory and in the company as a whole. Problem 12-27 (20 minutes) 1. Operating assets do not include investments in other companies or in undeveloped land. Ending BalancesBeginning BalancesCash $130,000$125,000Accounts receivable 480,000340,000Inventory 490,000570,000Plant and equipment (net) 820,000845,000Total operating assets $1,920,000$1,880,000  EMBED Equation.DSMT4  2.Net operating income $627,000Minimum required return (20% $1,900,000) 380,000Residual income $247,000 Problem 12-28 (45 minutes) 1. The lowest acceptable transfer price from the perspective of the selling division is given by the following formula:  EMBED Equation.DSMT4  The Tuner Division has no idle capacity, so transfers from the Tuner Division to the Assembly Division would cut directly into normal sales of tuners to outsiders. The costs are the same whether a tuner is transferred internally or sold to outsiders, so the only relevant cost is the lost revenue of $20 per tuner that could be sold to outsiders. This is confirmed below:  EMBED Equation.DSMT4  Therefore, the Tuner Division will refuse to transfer at a price less than $20 per tuner. The Assembly Division can buy tuners from an outside supplier for $20, less a 10% quantity discount of $2, or $18 per tuner. Therefore, the Division would be unwilling to pay more than $18 per tuner.  EMBED Equation.DSMT4  The requirements of the two divisions are incompatible. The Assembly Division wont pay more than $18 and the Tuner Division will not accept less than $20. Thus, there can be no mutually agreeable transfer price and no transfer will take place. 2. The price being paid to the outside supplier, net of the quantity discount, is only $18. If the Tuner Division meets this price, then profits in the Tuner Division and in the company as a whole will drop by $60,000 per year: Lost revenue per tuner $20Outside suppliers price $18Loss in contribution margin per tuner $2Number of tuners per year  30,000Total loss in profits $60,000 Problem 12-28 (continued) Profits in the Assembly Division will remain unchanged, since it will be paying the same price internally as it is now paying externally. 3. The Tuner Division has idle capacity, so transfers from the Tuner Division to the Assembly Division do not cut into normal sales of tuners to outsiders. In this case, the minimum price as far as the Assembly Division is concerned is the variable cost per tuner of $11. This is confirmed in the following calculation:  EMBED Equation.DSMT4  The Assembly Division can buy tuners from an outside supplier for $18 each and would be unwilling to pay more than that in an internal transfer. If the managers understand their own businesses and are cooperative, they should agree to a transfer and should settle on a transfer price within the range:  EMBED Equation.DSMT4  4. Yes, $16 is a bona fide outside price. Even though $16 is less than the Tuner Divisions $17 full cost per unit, it is within the range given in Part 3 and therefore will provide some contribution to the Tuner Division. If the Tuner Division does not meet the $16 price, it will lose $150,000 in potential profits: Price per tuner $16Variable costs 11Contribution margin per tuner $5 30,000 tuners $5 per tuner = $150,000 potential increased profits This $150,000 in potential profits applies to the Tuner Division and to the company as a whole. 5. No, the Assembly Division should probably be free to go outside and get the best price it can. Even though this would result in lower profits for the company as a whole, the buying division should probably not be forced to purchase inside if better prices are available outside. Problem 12-28 (continued) 6. The Tuner Division will have an increase in profits: Selling price $20Variable costs 11Contribution margin per tuner $9 30,000 tuners $9 per tuner = $270,000 increased profits The Assembly Division will have a decrease in profits: Inside purchase price $20Outside purchase price 16Increased cost per tuner $4 30,000 tuners $4 per tuner = $120,000 decreased profits The company as a whole will have an increase in profits: Increased contribution margin in the Tuner Division $9Decreased contribution margin in the Assembly Division 4Increased contribution margin per tuner $5 30,000 tuners $5 per tuner = $150,000 increased profits So long as the selling division has idle capacity and the transfer price is greater than the selling divisions variable costs, profits in the company as a whole will increase if internal transfers are made. However, there is a question of fairness as to how these profits should be split between the selling and buying divisions. The inflexibility of management in this situation damages the profits of the Assembly Division and greatly enhances the profits of the Tuner Division. Problem 12-29 (45 minutes) 1. The segmented income statement follows: Total CompanyWheat CerealPancake MixFlourSales $600,000$200,000$300,000$100,000Variable expenses:Materials, labor & other 204,00060,000126,00018,000Sales commissions 60,00020,00030,00010,000Total variable expenses 264,00080,000156,00028,000Contribution margin 336,000120,000144,00072,000Traceable fixed expenses:Advertising 123,00048,00060,00015,000Salaries 66,00034,00021,00011,000Equipment depreciation* 30,00012,00015,0003,000Warehouse rent** 12,0004,0007,0001,000Total traceable fixed expenses 231,00098,000103,00030,000Product line segment margin 105,000$ 22,000$ 41,000$42,000Common fixed expenses:General administration 90,000Net operating income $ 15,000 *$30,000 40%, 50%, and 10% respectively**$0.50 per square foot 8,000 square feet, 14,000 square feet, and 2,000 square feet respectively Problem 12-29 (continued) 2. a. No, the wheat cereal should not be eliminated. The wheat cereal product is covering all of its own costs and is generating a $22,000 segment margin toward covering the companys common costs and toward profits. (Note: Problems relating to the elimination of a product line are covered in more depth in Chapter 13.) b. Wheat CerealPancake MixFlourContribution margin (a) $120,000$144,000$72,000Sales (b) $200,000$300,000$100,000Contribution margin ratio (a) (b) 60%48%72% It is probably unwise to focus all available resources on promoting the pancake mix. The company is already spending nearly as much on the promotion of this product as on the other two products together. Furthermore, the pancake mix has the lowest contribution margin ratio of the three products. Therefore, a dollar of sales of the pancake mix generates less profit than a dollar of sales of either of the two other products. Nevertheless, we cannot say for sure which product should be emphasized in this situation without more information. The problem states that there is ample demand for all three products, which suggests that there is no idle capacity. If the equipment is being fully utilized, increasing the production of any one product would probably require cutting back production of the other products. In Chapter 13 we will discuss how to choose the most profitable product when a production constraint forces such a trade-off among products. Problem 12-30 (30 minutes) 1. EMBED Equation.DSMT4  2. EMBED Equation.DSMT4  3. EMBED Equation.DSMT4  4. The company has a contribution margin ratio of 40% ($20 CM per unit divided by $50 selling price per unit). Therefore, a $100,000 increase in sales would result in a new net operating income of: Sales $1,100,000100%Variable expenses 660,00060%Contribution margin 440,00040%Fixed expenses 320,000Net operating income $120,000 Problem 12-30 (continued)  EMBED Equation.DSMT4  A change in sales affects both the margin and the turnover. 5. Interest is a financing expense and thus is not used to compute net operating income.  EMBED Equation.DSMT4  6. EMBED Equation.DSMT4  7. EMBED Equation.DSMT4  Problem 12-31 (45 minutes) 1. The Consumer Products Division will probably reject the $400 price because it is below the divisions variable cost of $420 per DVD player. This variable cost includes the $190 transfer price from the Board Division, which in turn includes $30 per unit in fixed costs. However, from the viewpoint of the Consumer Products Division, the entire $190 transfer price is a variable cost. Consequently, the Consumer Products Division will reject the $400 price offered by the overseas distributor. 2. If both the Board Division and the Consumer Products Division have idle capacity, then from the standpoint of the entire company the $400 offer should be accepted. By rejecting the $400 price, the company will lose $50 per DVD player in potential contribution margin: Price offered per player $400Less variable costs per player:Board Division $120Consumer Products Division 230350Potential contribution margin per player $ 50 3. If the Board Division is operating at capacity, any boards transferred to the Consumer Products Division to fill the overseas order will have to be diverted from outside customers. Whether a board is sold to outside customers or is transferred to the Consumer Products Division, its production cost is the same. However, if a board is diverted from outside sales, the Board Division (and the entire company) loses the $190 in revenue. As a consequence, as shown below, there would be a net loss of $20 on each player sold for $400. Price offered per player $400Less:Lost revenue from sales of boards to outsiders $190Variable cost of Consumer Products Division 230420Net loss per player ($20) Problem 12-31 (continued) 4. When the selling division has no idle capacity, as in part (3), market price works very well as a transfer price. The cost to the company of a transfer when there is no idle capacity is the lost revenue from sales to outsiders. If the market price is used as the transfer price, the buying division will view the market price of the transferred item as its costwhich is appropriate since that is the cost to the company. As a consequence, the manager of the buying division should be motivated to make decisions that are in the best interests of the company. When the selling division has idle capacity, the cost to the company of the transfer is just the variable cost of producing the item. If the market price is used as the transfer price, the manager of the buying division will view that as his/her cost rather than the real cost to the company, which is just variable cost. Hence, the manager will have the wrong cost information for making decisions as we observed in parts (1) and (2). Problem 12-32 (20 minutes) 1. Milling DepartmentFinishing DepartmentTotalVariable costs:20K per meal 12,000 meals 240,000K20K per meal 4,000 meals 80,000K320,000KFixed costs:70% 200,000K 140,00030% 200,000K 60,000200,000Total cost allocated 380,000K140,000K520,000K 2. Any difference between the budgeted and actual variable cost per meal or between the budgeted and actual total fixed cost would not be charged to the other departments. The amount not charged would be: Variable CostFixed CostTotalActual cost incurred during the year 384,000K215,000K599,000KCost allocated above 320,000200,000520,000Cost not allocated (spending variance) 64,000K15,000K79,000K The costs that are not charged to the other departments are spending variances of the cafeteria and are the responsibility of the cafeterias manager. Problem 12-33 (45 minutes) 1. Segments defined as product lines: Product LineLeather DivisionGarmentsShoesHandbagsSales R1,500,000R500,000R700,000R300,000Variable expenses 761,000325,000280,000156,000Contribution margin 739,000175,000420,000144,000Traceable fixed expenses:Advertising 312,00080,000112,000120,000Administration 107,00030,00035,00042,000Depreciation 114,00025,00056,00033,000Total traceable fixed expenses 533,000135,000203,000195,000Product line segment margin 206,000R 40,000R217,000R(51,000)Common fixed expenses:Administrative* 110,000Divisional segment margin R96,000 *R217,000 R107,000 = R110,000. Problem 12-33 (continued) 2. Segments defined as markets for the handbag product line: Sales MarketHandbagsDomesticForeignSales R300,000R200,000R100,000Variable expenses 156,00086,00070,000Contribution margin 144,000114,00030,000Traceable fixed expenses:Advertising 120,00040,00080,000Market segment margin 24,000R 74,000R(50,000)Common fixed expenses:Administrative 42,000Depreciation 33,000Total common fixed expenses 75,000Product line segment margin R(51,000) 3.GarmentsShoesContribution margin (a) R175,000R420,000Sales (b) R500,000R700,000Contribution margin ratio (a) (b) 35%60%Incremental contribution margin:35% R200,000 increased sales R70,00060% R145,000 increased sales R87,000Less cost of the promotional campaign 30,00030,000Increased net operating income R40,000R57,000 Based on these data, the campaign should be directed toward the shoes product line. Notice that the analysis uses the contribution margin ratio rather than the segment margin ratio. Case 12-34 (75 minutes) 1. See the segmented statement that follows. Supporting computations for the statement are given below: Revenues:Membership dues (10,000 $60) $600,000Assigned to the Journal (10,000 $15) 150,000Assigned to Membership Service $450,000Nonmember journal subscriptions (1,000 $20) $ 20,000Advertising (given) $ 50,000Books and reports (given) $ 70,000Continuing education courses (given) $230,000Occupancy costs:Membership Services ($100,000 0.3 + $20,000) $ 50,000Journal ($100,000 0.1) 10,000Books and Reports ($100,000 0.1) 10,000Continuing Education ($100,000 0.2) 20,000Central staff ($100,000 0.3) 30,000Total occupancy costs $120,000Printing costs:Journal (11,000 $4) $ 44,000Books and Reports (given) 25,000Continuing Education (plug) 13,000Total printing costs $ 82,000Mailing costs:Journal (11,000 $1) $ 11,000Books and Reports (given) 8,000Central staff (plug) 5,000Total mailing costs $ 24,000 Case 12-34 (continued) A statement detailing revenues by program appears directly below. The segmented income statement follows on the next page. TotalMembership ServicesJournalBooks and ReportsContinuing EducationRevenues:Membership dues $600,000$450,000$150,000Nonmember journal subscriptions 20,00020,000Advertising 50,00050,000Books and reports 70,000$ 70,000Continuing education courses 230,000$230,000Total revenues 970,000450,000220,00070,000230,000 Case 12-34 (continued) TotalMembership ServicesJournalBooks and ReportsContinuing EducationTotal revenues $970,000$450,000$220,000$70,000$230,000Expenses traceable to segments:Salaries 320,000170,00060,00040,00050,000Occupancy costs 90,00050,00010,00010,00020,000Distributions to local chapters 210,000210,000Printing 82,00044,00025,00013,000Mailing 19,00011,0008,000Continuing education instructors fees 60,00060,000Total traceable expenses 781,000430,000125,00083,000143,000Program segment margin 189,000$ 20,000$ 95,000$(13,000)$ 87,000Common expenses:Salaries central staff 120,000Occupancy costs 30,000Mailing 5,000General administrative 27,000Total common expenses 182,000Excess of revenues over expenses $  7,000 Note: Some may argue that apart from the $20,000 in rental cost directly attributed to Membership Services, occupancy costs are common costs that should not be allocated to programs. The correct treatment of the occupancy costs depends on whether they could be avoided in part by eliminating a program. We have assumed that they could be avoided. Case 12-34 (continued) 2. While we do not favor the allocation of common costs to segments, the reason most often given for this practice is that segment managers need to be aware of the fact that common costs exist and that they must be covered. Arguments against allocation of common costs include: Allocation bases must be chosen arbitrarily since no cause-and-effect relationship exists between common costs and the segments to which they are allocated. Management may be misled into eliminating a profitable segment that appears to be unprofitable because of allocated common costs. Segment managers usually have little control over common costs. They should not be held accountable for costs over which they have little or no control. Allocations of common costs tend to undermine the credibility of performance reports. Case 12-35 (60 minutes) 1. The Electronics Division is presently operating at capacity; therefore, any sales of the XL5 circuit board to the Clock Division will require that the Electronics Division give up an equal number of sales to outside customers. Using the transfer pricing formula, we get a minimum transfer price of:  EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4  Thus, the Electronics Division should not supply the circuit board to the Clock Division for $9 each. The Electronics Division must give up revenues of $12.50 on each circuit board that it sells internally. Since management performance in the Electronics Division is measured by ROI and dollar profits, selling the circuit boards to the Clock Division for $9 would adversely affect these performance measurements. 2. The key is to realize that the $10 in fixed overhead and administrative costs contained in the Clock Divisions $69.75 cost per timing device is not relevant. There is no indication that winning this contract would actually affect any of the fixed costs. If these costs would be incurred regardless of whether or not the Clock Division gets the oven timing device contract, they should be ignored when determining the effects of the contract on the companys profits. Another key is that the variable cost of the Electronics Division is not relevant either. Whether the circuit boards are used in the timing devices or sold to outsiders, the production costs of the circuit boards would be the same. The only difference between the two alternatives is the revenue on outside sales that is given up when the circuit boards are transferred within the company. Case 12-35 (continued) Selling price of the timing devices $70.00Less:The cost of the circuit boards used in the timing devices (i.e. the lost revenue from sale of circuit boards to outsiders) $12.50Variable costs of the Clock Division excluding the circuit board ($30.00 + $20.75) 50.7563.25Net positive effect on the companys profit $6.75 Therefore, the company as a whole would be better off by $6.75 for each timing device that is sold to the oven manufacturer. 3. As shown in part (1) above, the Electronics Division would insist on a transfer price of at least $12.50 for the circuit board. Would the Clock Division make any money at this price? Again, the fixed costs are not relevant in this decision since they would not be affected. Once this is realized, it is evident that the Clock Division would be ahead by $6.75 per timing device if it accepts the $12.50 transfer price. Selling price of the timing devices $70.00Less:Purchased parts (from outside vendors) $30.00Circuit board XL5 (assumed transfer price) 12.50Other variable costs 20.7563.25Clock Division contribution margin $6.75 In fact, since the contribution margin is $6.25, any transfer price within the range of $12.50 to $19.25 (= $12.50 + $6.75) will improve the profits of both divisions. So yes, the managers should be able to agree on a transfer price. 4. It is in the best interests of the company and of the divisions to come to an agreement concerning the transfer price. As demonstrated in part (3) above, any transfer price within the range $12.50 to $19.25 would improve the profits of both divisions. What happens if the two managers do not come to an agreement? Case 12-35 (continued) In this case, top management knows that there should be a transfer and could step in and force a transfer at some price within the acceptable range. However, such an action, if done on a frequent basis, would undermine the autonomy of the managers and turn decentralization into a sham. Our advice to top management would be to ask the two managers to meet to discuss the transfer pricing decision. Top management should not dictate a course of action or what is to happen in the meeting, but should carefully observe what happens in the meeting. If there is no agreement, it is important to know why. There are at least three possible reasons. First, the managers may have better information than the top managers and refuse to transfer for very good reasons. Second, the managers may be uncooperative and unwilling to deal with each other even if it results in lower profits for the company and for themselves. Third, the managers may not be able to correctly analyze the situation and may not understand what is actually in their own best interests. For example, the manager of the Clock Division may believe that the fixed overhead and administrative cost of $10 per timing device really does have to be covered in order to avoid a loss. If the refusal to come to an agreement is the result of uncooperative attitudes or an inability to correctly analyze the situation, top management can take some positive steps that are completely consistent with decentralization. If the problem is uncooperative attitudes, there are many training companies that would be happy to put on a short course in team building for the company. If the problem is that the managers are unable to correctly analyze the alternatives, they can be sent to executive training courses that emphasize economics and managerial accounting. Research and Application 12-36 (240 minutes) 1. FedEx succeeds because of its operational excellence customer value proposition. Page 9 of the 10-K describes the companys largest business segment, FedEx Express, by saying FedEx Express invented express distribution in 1973 and remains the industry leader, providing rapid, reliable, time-definite delivery of packages, documents and freight to more than 220 countries and territories. FedEx Express offers time-certain delivery within one to three business days, serving markets that generate more than 90% of the worlds gross domestic product through door-to-door, customs-cleared service with a money- back guarantee. FedEx Expresss unmatched air route authorities and extensive transportation infrastructure, combined with leading-edge information technologies, make it worlds largest express transportation company. The combination of global scale coupled with one to three day delivery capability testifies to the companys extraordinary operational excellence. Page 4 of the 10-K describes FedExs efforts to integrate its business segments so that customers have a single point of contact with the company for all of their air, ground, or freight transportation needs. This is undoubtedly an important aspect of FedExs strategy. 2. FedExs four main business segments are, FedEx Express, FedEx Ground, FedEx Freight, and FedEx Kinkos. Examples of traceable fixed costs for the FedEx Express segment include the costs of operating the primary sorting facility in Memphis, Tennessee, the costs of operating regional hubs in Newark, Oakland, and Fort Worth, and the costs of owning 557 airplanes (see page 22 of the 10-K). Examples of traceable fixed costs for the FedEx Ground segment include the costs of owning 19,700 trailers (see page 14 of the 10-K), the costs of operating 515 facilities and 28 hubs throughout the U.S. and Canada (see page 14 of the 10-K), and the compensation paid to the President and Chief Executive Officer of FedEx Ground, Daniel J. Sullivan (see page 29 of the 10-K). Examples of traceable fixed costs for the FedEx Freight segment include the costs of operating 321 service centers, the costs of owning 39,500 vehicles, and the service center manager salaries. Examples of traceable fixed costs for the FedEx Kinkos segment include the utility costs to op2IJNst. 2 a = > N P Q R T X Y " & f q     $ ( i k r 1hj.hOKHhj.hW #KHh|,KHNH h|,KHhj.hzwKH h KHhj.h-KHhj.h\KHNHhj.h\5KH\hj.h\^J hj.h\hj.h\KH< 2IJ. 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$Ifgdm)   $Ifgdgdgd _` $Ifgdm)   $If^gd]kd68$$IflF$8:"    34 a $Ifgdm)   $If^gd]kd8$$IflF$8:"    34 a $Ifgdm)   $If^gd]kdZ9$$IflF$8:"    34 a.]kd~:$$IflF$8:"    34 a $Ifgdm)   $Ifgd]kd9$$IflF$8:"    34 aBC[|}:;xz { !!$$FG!!+gdgdV6gdgdgdwxy12rsab/ 0 9 B f g y z   k!!!!##$$$%%g%h%%%)*hB*CJOJQJaJph h5U h!v hV6 hV6NHhV6 h!hhwph!v hNHh0J,NH h0J,h h0J,hh5h*h5h hq6KH9erate the 1,290 FedEx Kinkos Office and Print Centers, the salaries paid to the Office and Print Center managers, and the rental costs incurred to operate the Office and Print Centers. Research and Application 12-36 (continued) Examples of common costs include all of the FedEx sponsorships mentioned on page 19 of the 10-K. For example, the cost of hosting college footballs FedEx Orange Bowl is common to the four business segments. Other common costs include the salary paid to the companys CEO Frederick W. Smith, and the fee paid to the companys auditor, Ernst & Young. 3. Page 24 of the 10-K lists all of the sorting facilities for the FedEx Express segment. These sorting facilities are examples of cost centers. Each of the retail FedEx Kinkos Office and Print Centers is a profit center. The four main business segmentsFedEx Express, FedEx Ground, FedEx Freight, and FedEx Kinkosare examples of investment centers. 4. The salary paid to Gary M. Kusin, the President and Chief Executive Officer for FedEx Kinkos is traceable to the FedEx Kinkos business segment, but it is common to each of the FedEx Kinkos retail locations. The cost of operating a FedEx Express regional hub in Newark is traceable to that hub, but the costs are common to the flights that arrive and depart from Newark. The cost of maintaining the companys website ( HYPERLINK "http://www.fedex.com" www.fedex.com) is traceable to the companys Information Technology Department but it is common to the four business segments. 5. The margin, turnover, and ROI for all four segments are summarized in the below table (dollar figures are in millions): FedEx ExpressFedEx GroundFedEx FreightFedEx KinkosSales $19,485$4,680$3,217$2,066Operating income $1,414$604$354$100Segment assets: 2005 $13,130$2,776$2,047$2,987Segment assets: 2004 $12,443$2,248$1,924$2,903Average operating assets [Segment assets: 2005 + Segment assets: 2004]/2 $12,787$2,512$1,986$2,945Margin [Operating income Sales] 7.3%12.9%11.0%4.8%Turnover [Sales Average operating assets] 1.521.861.620.70ROI [Margin Turnover] 11.1%24.0%17.8%3.4% Research and Application 12-36 (continued) 6. Assuming a 15% required rate of return, the residual income for all four segments would be computed as follows (dollar figures are in millions): FedEx ExpressFedEx GroundFedEx FreightFedEx KinkosAverage operating assets $12,787$2,512$1,986$2,945Operating income $1,414$604$354$100Minimum required return [15% Average operating assets] 1,918377298442Residual income $(504)$227$56$(342) 7. A $20,000,000 investment that increases operating income by $4,000,000 provides an ROI of 20%. Since the FedEx Express segment is currently earning an ROI of 11.1% (as calculated above), its managers would pursue the investment opportunity because it would increase their overall ROI. The FedEx Ground segment is currently earning an ROI of 24% (as calculated above); therefore, its managers would pass on the investment opportunity because it would lower their overall ROI. If the managers are evaluated using residual income, the managers of both segments would pursue the investment opportunity because it would increase their overall residual incomes. Using residual income instead of ROI aligns the incentives of segment managers with the overall goals of the company. The increase in residual income for both segments is shown below (dollar figures are in millions): FedEx ExpressFedEx GroundResidual income before investment (from requirement 6) $(504)$227Operating income from the investment $4$4Required return on investment in operating assets ($20,000,000 15% = $3,000,000) 33Residual income provided by investment opportunity $1$1Residual income after the investment $(503)$228 This page intentionally left blank     The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 652 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 647 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 648 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 653 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 666 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 667 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 668 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 672 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 673 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 674 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 29 The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 675 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 684 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 683 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 40 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 685 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 696 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 697 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 698 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 53 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 700 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 699 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 702 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. Solutions Manual, Chapter 12  PAGE 701 The McGraw-Hill Companies, Inc., 2008. All rights reserved.  PAGE 710 Managerial Accounting, 12th Edition The McGraw-Hill Companies, Inc., 2008. All rights reserved. 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"2u+2DgXem `!eu+2DgXe`3xڍSoQy V( `I&x !)vC7YIzF&x`ҫ^c'8XKf}o2o!}G#@S B,bO02N`/\sϣ?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~CRoot Entry FZo$Z@Data iMWordDocumentObjectPool#/$ZZo$Z_1081263861F/$Z/$ZOle CompObjiObjInfo "#$%&'(,-./012345678<=>?@ABCDHIJKLMNOSTUVWX\]^_`abcghijklpqrstuvwx|}~ FMathType 5.0 Equation MathType EFEquation.DSMT49qXzh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMEquation Native t_1081263860 F/$Z/$ZOle CompObj iargin =   eNet operating income  eSales  e=   e$5,400,000  e$18,000,000  e= 30% FMathType 5.0 Equation MathType EFEquation.DSMT49q|zh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTurnover =   eSales  eAverageObjInfo Equation Native _1081263859F/$Z/$ZOle  operating assets  e=   e$18,000,000  e$36,000,000  e= 0.5) FMathType 5.0 Equation MathType EFEquation.DSMT49qCompObjiObjInfo Equation Native !_1067659533^F/$Z/$Zzh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eROI = Margin  Turnover  e= 30%  0.5 = 15%C,FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer priceeOle )ObjInfo*Equation Native +H_1067659532F/$Z/$Z"  eVariable cost  eper unit +   eTotal contribution marginon lost sales  eNumber of units transferredC@FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer priceOle 9ObjInfo:Equation Native ;\_1067659531F/$Z/$Ze"($30 - $2) +   e$20  20,000  e20,000  e= $28 + $20 = $48C FDSMT5WinAllBasicCodePagesOle EObjInfoFEquation Native G(_1067659530!F/$Z/$ZTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial eTransfer price d" Cost of buying from outside supplier =$47Ole PObjInfo "QEquation Native R_1067659529G%F/$Z/$ZCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"$20+   e$0  e20,000=$20XX2XCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial eTransfer priOle YObjInfo$&ZEquation Native [,_1067659528)F/$Z/$Zce d" Cost of buying from outside supplier = $34ClFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Ole dObjInfo(*eEquation Native f_10676595473O-F/$Z/$ZExtra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial e$20 d" Transfer price d" $34C,FDSMT5WinAllBasicCodePagesOle mObjInfo,.nEquation Native oH_10676595461F/$Z/$ZTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  Net operating incomeSales   SalesAverage operating assetsCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   $90,000$1,000Ole yObjInfo02zEquation Native {_1067659545C/5F/$Z/$Z,000   $1,000,000$500,000 = 9%  2 = 18%CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Ole ObjInfo46Equation Native $_1067659541K9F/$Z/$ZExtra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   $105,000$1,750,000   $1,750,000$500,000 = 6%  3.5 = 21%Ole ObjInfo8:Equation Native D_1067659540?7=F/$Z/$ZC(FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  $300,000$6,000,000   $6,000,000$1,500,000 = 5%  4 = 20%C0FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HAOle ObjInfo<>Equation Native L_1067659539AF/$Z/$Z@AHA*_D_E_E_A  ROI =  $900,000$10,000,000   $10,000,000$5,000,000 = 9%  2 = 18%Ole ObjInfo@BEquation Native L_1067659544EF/$Z/$ZC0FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  $180,000$8,000,000   $8,000,000$2,000,000 = 2.25%  4 = 9%C,FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HAOle ObjInfoDFEquation Native H_1067659543+IF/$Z/$Z@AHA*_D_E_E_A  ROI =  Net operating incomeSales   SalesAverage operating assetsOle ObjInfoHJEquation Native $_1067659542MF/$Z/$ZCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   $630,000$9,000,000   $9,000,000$3,000,000 = 7%  3 = 21%C$FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   $Ole ObjInfoLNEquation Native @_1081264169 rQF/$Z/$Z1,800,000$20,000,000   $20,000,000$10,000,000 = 9%  2 = 18% FMathType 5.0 Equation MathType EFEquation.DSMT49q@A      !"#$%&'()*+,-./0123456789:;<=>?mBDG]EFHLIJKMONPRQSTUVWYXZ\[^b_`acdehfgijknopqrstuvwxyz{|}~Ole CompObjPRiObjInfoSEquation Native zh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMargin =   eNet operating income  eSales  e=   e$800,000  e$8,000,000  e= 10.00%  eTurnover =   eSales  eAverage operating assets  e=   e$8,000,000  e$3,200,000  e= 2.50  eROI = Margin  Turnover  e= 10%  2.50 = 25% FMathType 5.0 Equation MathType EFEquation.DSMT49qU8B )xZe(3H* fzgM/V\ L埾:i!ÐbkH32^?b:u :zQ\-pz$$If{!vh5h5(##vh#v(#:V l,5S5#344 au$$If^!vh55#v#v:V l,5l5344 u$$If^!vh55#v#v:V l,5l5344 u$$If^!vh55#v#v:V l,5l5344 u$$If^!vh55#v#v:V l,5l5344 DDd <0  # A2%S;s> 8ӑ5)oJj.[;"k! 84WÞym޲sm`Og"49Qsŋr 0sF=i;-ks&'sV_x9MBõ^%O8^ x1Z?K6mŒWY ׭HMDW8‡p6v)4үQ=waK4|&:[ИW[秪Kz!mŖ_&WXrګUu^`xof ES35`٩G zyccy}5WԴEVKfAYwp/Ƃ~bb/h,d,M ܄Z=yM]LIhRb.QSMg+;.gSu'## 1/,C"ʅPrľEF&clQDȻ*xďNM͑8ēNTKUx>5y!h/ gG;mz9iW01xHG@;|&{u8ǿ]ޞ{)ޘ/>iI/kzuhRo w E&G_秅wD;Ս_/ێO*Dd (0  # A2 ?dcS`! ?dc"@P6 xڕTMLA~3-M FM5@[\ &\HZĖxl&K[=)z g=Ʌw 1Z.jnmo޼y;oxa@3g 83jd NJz98=>d׺p ZtR@.7865OxAʨfe@g|G{A<\>̶ϗb}^i<ۻoٷ^2cT0`瘗6}8B1]WczDCf=D}y8./K.TbuŬ劕3CUC5¶~{[@l{Q-?me;1 gގLȺs80IL|bRVhNw [j^X*偝#c#;hn6ݺ;}M|6ěu*&ijfJBT; gJk ԬY%C"]~Qb9l^O,4[+!ټlLgrF9k6$9fM'>1a f+uXz (T VL"9*禶t!q]J&vc#RWΗu4;v%lD$sƿ^B<_:qv>+-/oYdؽn!'tjzfڽ^Ro1eDd \|0  # A2|Ն%*U3_q9^ Β`!|Ն%*U3_q9^ Β`-`WF0xڍTOA}3mBZဉ1$H00 Jl7˶&n pZnL7Ǹ]T /p n;=79eޟ6 G_`O*Z-O*y2oŸ8!g`S^NJ&`lJjޯΞ",9~A:q{ɼ{4pC7!cOz/rv,(&(\T\ fg2Tn2sQ.t2N*%hh'(3!qX"a04B:k[CV5CRuKmgV*VT+ CǪ {RcR@! x|gk6Z`XaX>L-{S;amw[qHDd h0   # A 2m? 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"UbQm灰֩ץ%A+fj5X%GcGBţu^=0<3gxpy=uɔr UtvgP\4Oۍk BZ\߰(C}?V鎣w{ܾD,9;fLN/6u,Yjv:koꉝg,N,6uP_@< j{EV>W"~p%G{K)>\f/ZJݪq"nTj%/caTXG>FI 'DD2Dl"y":T:8q-"%)Y %'Rwɫ6#Wyi '&m%Tg Z$<CihU?%r%hܪY)4]j$涌W^7?ħT>Sf:CMa%_1088619955VF/$Z/$ZOle CompObjUWiObjInfoXzh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMargin =   eNet operating income  eSales Equation Native _1081264469[F/$Z/$ZOle  CompObjZ\i     !"#$%&'()*+,-123456789:;<=ABCDEFGKLMNOPQRVWXYZ[_`abcdefghknopqrstuvwxyz{|}~ e=   e$800,000(1.00 + 4.00)  e$8,000,000(1.00 + 1.50)   e=   e$4,000,000  e$20,000,000  e= 20.00%  eTurnover =   eSales  eAverage operating assets  e=   e$8,000,000 (1.00 + 1.50)  e$3,200,000  e=   e$20,000,000  e$3,200,000  e= 6.25  eROI = Margin  Turnover  e= 20%  6.25 = 125%0 FMathType 5.0 Equation MathType EFEquation.DSMT49qObjInfo]Equation Native 4_1067659538f;`F/$Z/$ZOle .zh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMargin =   eNet operating income  eSales  e=   e$800,000 + $250,000  e$8,000,000 + $2,000,000   e=   e$1,050,000  e$10,000,000  e= 10.50%  eTurnover =   eSales  eAverage operating assets  e=   e$8,000,000 + $2,000,000  e$3,200,000 + $800,000  e=   e$10,000,000  e$4,000,000  e= 2.50  eROI = Margin  Turnover  e= 10.50%  2.50 = 26.25%ObjInfo_a/Equation Native 0H_1067659537dF/$Z/$ZOle >C,FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"  eVariable cost  eper unit +   eTotal contribution marginon lost sales  eNumber of units transferredObjInfoce?Equation Native @_1067659536jbhF/$Z/$ZOle HCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"$21 +   e$0  e10,000  e= $21C FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial eTransfer price d" Cost of ObjInfogiIEquation Native J(_1067659535nlF/$Z/$ZOle Sbuying from outside supplier =$38ClFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HAObjInfokmTEquation Native U_1067659534pF/$Z/$ZOle \@AHA*_D_E_E_A  Arial e$21 d" Transfer price d" $38CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid ObjInfooq]Equation Native ^_1081272172Y|tFpg1$Zpg1$ZOle iExtra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"$21 +   e$40 - $21 () e 10,000  e10,000  e= $21 +  e$40 - $21 () e= $40 FMathType 5.0 Equation MathType EFEquation.DSMT49qzh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HACompObjsujiObjInfovlEquation Native m_1081272288yFpg1$Zpg1$Z@AHA*_D_E_E_A   eMargin =   eNet operating income  eSales  e=   e$16,000  e$800,000  e= 2%  eTurnover =   eSales  eAverage operating assets  e=   e$800,000  e$100,000  e= 8  eROI = Margin  Turnover  e= 2%  8 = 16%Ole CompObjxziObjInfo{Equation Native L FMathType 5.0 Equation MathType EFEquation.DSMT49q0zh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMargin =   eNet operating income  eSales  e=   e$16,000 + $6,000  e$800,000 + $80,000   e=   e$22,000  e$880,000  e= 2.5%  eTurnover =   eSales  eAverage operating assets  e=   e$800,000 + $80,000  e$100,000  e=   e$880,000  e$100,000  e= 8.8  eROI = Margin  Turnover  e= 2.5%  8.8 = 22% FMathType 5.0 Equation MathTy_1081272460wT~Fpg1$Zpg1$ZOle CompObj}iObjInfope EFEquation.DSMT49qHzh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMargin =   eNet operating iEquation Native d_1081272674Fpg1$Zpg1$ZOle CompObjincome  eSales  e=   e$16,000 + $3,200  e$800,000   e=   e$19,200  e$800,000  e= 2.4%  eTurnover =   eSales  eAverage operating assets  e=   e$800,000  e$100,000  e= 8  eROI = Margin  Turnover  e= 2.4%  8 = 19.2% FMathType 5.0 Equation MathType EFEquation.DSMT49q8zh|zDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eMObjInfoEquation Native T_1067659526'Fpg1$Zpg1$ZOle argin =   eNet operating income  eSales   e=   e$16,000  e$800,000  e= 2%  eTurnover =   eSales  eAverage operating assets  e=   e$800,000  e$100,000 - 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"2eeE|M8``!eeE|M8`ƶ ".5XxڵWMlE~dI8.4,V\ڂ*7h$DK.JpEf)T\9=q,Bq¥*A9p{:K۷y36qo@-eܓZ7!$Ν+pDAs<< p#O9QӬkŽ`5/ě<gL}îq}&]ߣ_ھ1w?V۾{qw/n?;No#we-cټ@)j5 ~ ئe9g^Ǝ,^QzQӗXth+U s$MIxrfŨ++rQ.҂ q$Q"ADd!VMm#z\| 㹐p^UUV>Ehװ_(ʊN_"|s 1⾬D;ۓGOBiKXm&j C>[I%7HZoL3YS#i)C6FJ~ƃ<.cS'9b,%>!wG|y9\%LzQ3Z㪾%lB4䰉qU)>lTZcizoPQM+^hЉ~l556oe:ӑJ?_d;\f?Y,]s*^z)ۡo&2 ?(Cj+!W*v+7oidd*d 2u2 'hɫDd̎V?lE<f,rPUsNv)2Ȝ'\&PEi4j_'TgA q? +4ߣ~1v% {ܕ>  [Vz$$If{!vh5h5(##vh#v(#:V l,5S5#344 aE$$If!v h555' 554555X5 #v#v#v' #v#v4#v#v#vX#v :V 43, 555 55&555J5 / / / /  34af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kdR$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd/$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kdm$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd $$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kdJ$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 4ObjInfoEquation Native <_1067659525Fpg1$Zpg1$ZOle ansfer pricee"  eVariable cost  eper unit +   eTotal contribution margin on lost sales  eNumber of units transferredaCxFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer priceObjInfoEquation Native _1067659524Fpg1$Zpg1$ZOle e"  e$63 - $5 () e+   e($100 - $63)  10,000  e10,000  ee" $58 + $37 = $95ObjInfoEquation Native ,_1067659523Fpg1$Zpg1$ZOle CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial eTransfer price d" Cost of buying from outside supplier = $92C FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer priceeObjInfoEquation Native <_1067659522Fpg1$Zpg1$ZOle    "#$%&'+,-./0123456:;<=>?@DEFGHIJKLMNRSTUVW[\]^_`abcdefjklmnopqrvwxyz{|}~"  eVariable cost  eper unit +   eTotal contribution margin on lost sales  eNumber of units transferredaC`FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"  e$19 - $4 (ObjInfo Equation Native  |_1067659521Fpg1$Zpg1$ZOle ) e+   e($40 - $19)  70,000  e70,000= $15 + $21 = $36CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid ObjInfoEquation Native ,_1067659520Fpg1$Zpg1$ZOle Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial eTransfer price d" Cost of buying from outside supplier = $39ObjInfo Equation Native !_1067659519Fpg1$Zpg1$ZOle (ClFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial e$36 d" Transfer price d" $39C FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"  eVariable ObjInfo)Equation Native *<_1067659518Fpg1$Zpg1$ZOle 7cost  eper unit +   eTotal contribution margin on lost sales  eNumber of units transferredaObjInfo8Equation Native 9_1067659517Fpg1$Zpg1$ZOle ACFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"$35 +   e$0  e20,000  e= $35CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer priceObjInfoBEquation Native C_1067659516Fpg1$Zpg1$ZOle Od"Cost of buying from outside supplier  eTransfer priced" $60 - (0.05  $60) = $57ObjInfoPEquation Native Q_1067659515Fpg1$Zpg1$ZOle XClFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial e$35 d" Transfer price d" $57C FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"  eVariable ObjInfoYEquation Native Z<_1067659514Fpg1$Zpg1$ZOle gcost  eper unit +   eTotal contribution margin on lost sales  eNumber of units transferredaObjInfohEquation Native i_1067659527Fpg1$Zpg1$ZOle sCdFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"$25 +   e$45 - $30 () e 30,000  e60,000  e= $25 + $7.50 = $32.50CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA     8, "!#%$&(')+*-/.0213546x7y9:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvw{z|}~%3, 5555y555355 5 h5 J5 5 34af46kd'$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kde $$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kdB$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4e$$If!v h5555555A55 +5 v5 X5 5 #v#v#v#v#v#v#vA#v#v +#v v#v X#v #v :V 43, 5555y555355 5 h5 J5 5 34af46kd$$If4" Ctg "R#}(*K+&0 3y3hJ344443af4$$If!vh5}5j5r#v}#vj#vr:V Y%,5h5\5]/ 34a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh5}5j5T55555#v}#vj#vT#v#v#v#v#v:V Y%,5h5\5F5555534a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555 55T55u#v#v #v#vT#v#vu:V #,555 55F55`34a$$If!vh555T#v#v#vT:V ,55q5?34a$$If!vh555T#v#v#vT:V ,55q5?34a$$If!vh555T#v#v#vT:V ,55q5?34a$$If!vh555T#v#v#vT:V ,55q5?34a$$If!vh555T#v#v#vT:V ,55q5?34a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a$$If!vh5}5^5555#v}#v^#v#v:V ,5h5P55534a-Dd #0  # A2iC_NIo~ 6`!}iC_NIo~ J8+XKxڕUOA*H[!&"߉  T@mn6ُfwŋ`ƚpLL<o΍^7@ l;o޼y~vfA?Y@=gRܖȉ mPOvLƠE`bhۧi{h E[ˮ4}~c)13?Q҆Q{=MZ?KqH3f*b'BWemO5my/{m)ꖂa⪆CMm/Z8o]!Y7سe-'fQd?mYut5ohH Ii8i|< &^娖9J 2`]( tbM9 l%-[pr%SUe3 Gq/hE\w +3]\ ͌afT`Eei#ҒI'N5}z%3.'uzu6LJsUSB-3ؿZ |.U2:Ȑ0,#{\k5f'6* Kb&f%1I[-t{ub/5|'aEtL.e)_t2}v"1pduyZafܞp{|[W="Sdw xڕTOQbhbLPj[ _&$hC)kYd~"=G&&x?AbLUgn_5D}~;oof< ʌ1@3g 83^.: 4NF<lg]kfDW]M eqf@ wVח,#/ OWzFol96ԩ̃\UĮ W1a/u>|G- hwB͈n, + Ԅ`{vddsM0ijnWԈ֩i7 8,6ޞX< ? pMYJuj7<ǜjvmH>5V ^'z Θh:=HnΘ9ZB>Hn9oם01 {hö,u8 Ċ7%oX2:( F+])ubԑ/fdّMJ652̍q|X `en8:>j=y:,y\UI,WD6q<5n+~K[nHbIB.7=y)$7DHhRg5b\8꠳֕Td㬄p'E%_F nvu vV^jmYy)6S%#SOE"w+eDd H|0  # A2^qDU-m \>`!^qDU-m \@-`%F0xڍTOA}3HV8hbd$` I56C)U.(%,v ln7 &8oxWczXooyͯ  H 3FI*&\<4IMIѴܕkY [HS\Kc*fMc엻m5*)֓oE++d<]Wn{bwYjy 7 CNq'wx*hJ#Oj-Xg6@]s*aG UT~ c\{CT /pXv{ns{o?b }tUan{氪Wr<%ʼUℜ]b4QOOyS;;i䃱Q*f?V֝P ~vd2[I(`r>X/~9xxgVۿA1Aq4WLE8Xl&Feo˕Jq̴!$=tV)AEk<)h%'ƑrτDL^0Bk[CV5CRuK}X`V*VT Cת {ҰcR@! x|g6ZdXaw֏&=Sn)hJݰ6-ax} -Dd #0  # A2iC_NIo~ ]B`!}iC_NIo~ J8+XKxڕUOA*H[!&"߉  T@mn6ُfwŋ`ƚpLL<o΍^7@ l;o޼y~vfA?Y@=gRܖȉ mPOvLƠE`bhۧi{h E[ˮ4}~c)13?Q҆Q{=MZ?KqH3f*b'BWemO5my/{m)ꖂa⪆CMm/Z8o]!Y7سe-'fQd?mYut5ohH Ii8i|< &^娖9J 2`]( tbM9 l%-[pr%SUe3 Gq/hE\w +3]\ ͌afT`Eei#ҒI'N5}z%3.'uzu6LJsUSB-3ؿZ |.U2:Ȑ0,#{\k5f'6* Kb&f%1I[-t{ub/5|'aEtL.e)_t2}v"1pduyZafܞp{|[W="SdwNB1LibBtl (!Rq6:A&AZ0JL=;&,Mwcܰ7cW=m409=à@+.hWƛͦ\g&ɉy}v@?4)@EM|1c{uÂX5 e| >D?_`$jr=_0FA*b7Vvp(#rYc9|G~V'ԇ(}ҽe{~U0m  ZF_)up2YmD F}m22DvP^6>AtYo/|X|N=@TRu٨h3o "4FVZX F5c1m &|=(::lۘc+>VN xSŜ4Ct 9}qK/d&d3KBaVDyH*x.Ѣ^w^1cr3FvKu'kz;܍xS._b@6 ZjPnQ\͓Pn.lf7†0ܻu14؃ 6+$t%U$ iHWDvq2] 0AEILuyp !À<j @WVAiؗhRKdnϋJNH]uTh'Ďk}Uk F[\9!$pN Qt&I? 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$11)  30,000  e30,000   ee" $11 + ($20 - $11) = $20CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial eObjInfoEquation Native 0_1067659510Fpg1$Zpg1$ZOle Transfer price d" Cost of buying from outside supplier = $18CFDSMT5WinAllBasicCodePagesObjInfoEquation Native _1067659509Fpg1$Zpg1$ZOle TahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A   eTransfer pricee"$11 +   e$0  e30,000  e= $11ObjInfoEquation Native _1067659507Fp3$Zp3$ZOle ClFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  Arial e$11 d" Transfer price d" $18CdFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  Net operating incomeObjInfoEquation Native _1067659506Fp3$Zp3$ZOle Sales   SalesAverage operating assets=  $80,000$1,000,000   $1,000,000$500,000= 8%  2 = 16%inCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  $90,000$1,000,000 ObjInfoEquation Native _1067659505Fp3$Zp3$ZOle   $1,000,000$500,000=       9%               2          =     18%   (Increase)      (Unchanged)      (Increase)RomC`FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROObjInfoEquation Native |_1067659504Fp3$Zp3$ZOle I =  $80,000$1,000,000   $1,000,000$400,000=       8%     2.5=     20%  (Unchanged)     (Increase)      (Increase)CFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROObjInfoEquation Native _1067659503Fp3$Zp3$ZOle     !"#$%&'()*+/0123456789:;<@ABCDEFGHIJKOPQRSTUYZ[\]^bcdefhijklmnpqrstuvxI =  $120,000$1,100,000   $1,100,000$500,000=    10.91%    2.2        =    24%   (Increase)       (Increase)      (Increase)bCFDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid Extra!OED/APG_APAAE%B_AC_AE*_HAObjInfo Equation Native  _1067659502Fp3$Zp3$ZOle @AHA*_D_E_E_A  ROI =  $85,000$1,000,000   $1,000,000$625,000=      8.5%             1.6      =    13.6%   (Increase)        (Decrease)    (Decrease)ewC`FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid ObjInfoEquation Native |_1067659501Fp3$Zp3$ZOle ,Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  $80,000$1,000,000   $1,000,000$320,000=        8%  3.125     =    25%  (Unchanged)    (Increase)     (Increase)C|FDSMT5WinAllBasicCodePagesTahomaEuclid SymbolCourier NewTimes New RomanEuclid ObjInfo-Equation Native ._1067659496Fp3$Zp3$ZOle =Extra!OED/APG_APAAE%B_AC_AE*_HA@AHA*_D_E_E_A  ROI =  $60,000$1,000,000   $1,000,000$480,000=        6%   2.08      =    12.5%   (Decrease)      (Increase)      (Decrease)CFDSMT5WinAllBasicCodePages8555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}55F555F555 F5 v#v}#v#vF#v#v#vF#v#v#v F#v v:V , 5h5585v558555 85 a34a$$If!v h5}5555F555F5 v#v}#v#v#v#vF#v#v#vF#v v:V 4, 5h55v55855585 a34af4}$$Ifb!vh55T5T#v#vT:V ,55F5?34ap}$$Ifb!vh55T5T#v#vT:V ,55F5?34ap}$$Ifb!vh55T5T#v#vT:V ,55F5?34ap}$$Ifb!vh55T5T#v#vT:V ,55F5?34ap}$$Ifb!vh55T5T#v#vT:V ,55F5?34ap}$$Ifb!vh55T5T#v#vT:V ,55F5?34aphDd !0 ) # A$(233 ;`!33  6"xS@{5xWO#U?wJ-` U×mYX6&h\"1iF@~SVE|XM6(&&&~E`G |Ǫc. fsI\۞j*ECzm)eY7,=v=UM݅QւmhC0-YvQu5A_ۄ faYft~acI/A 輁8mƅYꖣZ((꣬ε3or*O[PŻbUZBj #ɉVtGS/e %5*^P 7J6|7 GٮL;v=9܅7(mB>熕2ʹ9u`?%퐈U,Me%_yp }9$[NCGT&ۼڬ |:GC-ۜ*7k<2]큘~#f!ȸdbU!SSL1D^Q?D Wm>ȘB@dUNȥ*5<{7{}2òJm&b o H'kM(z"srwׁ{<^qv#XEvcwxrB :gt,gXxMCp?p ~K[óI.2uwgDd l(0 + # A&*2'mUs$ t`!mUs$ T#@7 xڥTOA3Qjh 1] 5@ؖx$F8DJ<֥,I?H[=pfu+˜HMsE1'K3ݛ ilB+G±\1=b`jM *S)lbv_w7lRn}>j(-!DZ©VmQspRx~i+ϼ Qv Ї. 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