同學(xué)們大家好，今天老師帶大家一起來(lái)看看CVP analysis這個(gè)部分的真題應(yīng)該怎么做~
01   2018.3&6
The Alka Hotel is situated in a major city close to many theatres and restaurants.
The Alka Hotel has 25 double bedrooms and it charges guests$180 per room per night,regardless of single or double occupancy.The hotel’s variable cost is$60 per occupied room per night.
The Alka Hotel is open for 365 days a year and has a 70%budgeted occupancy rate.Fixed costs are budgeted at$600,000 a year and accrue evenly throughout the year.
During the first quarter(Q1)of the year the room occupancy rates are significantly below the levels expected at other times of the year with the Alka Hotel expecting to sell 900 occupied room nights during Q1.Options to improve profitability are being considered,including closing the hotel for the duration of Q1 or adopting one of two possible projects as follows:
Project 1-Theatre package
For Q1 only the Alka Hotel management would offer guests a‘theatre package’.Couples who pay for two consecutive nights at a special rate of$67·50 per room night will also receive a pair of theatre tickets for a payment of$100.The theatre tickets are very good value and are the result of long negotiation between the Alka Hotel management and the local theatre.The theatre tickets cost the Alka Hotel$95 a pair.The Alka Hotel’s fixed costs specific to this project(marketing and administration)are budgeted at$20,000.
The hotel’s management believes that the‘theatre package’will have no effect on their usual Q1 customers,who are all business travellers and who have no interest in theatre tickets,but will still require their usual rooms.
Project 2-Restaurant
There is scope to extend the Alka Hotel and create enough space to operate a restaurant for the benefit of its guests.
The annual costs,revenues and volumes for the combined restaurant and hotel are illustrated in the following graph:
Note:The graph does not include the effect of the‘theatre package’offer.
Required:
(a)Using the current annual budgeted figures,and ignoring the two proposed projects,calculate the breakeven number of occupied room nights and the margin of safety as a percentage.(4 marks)
(b)Ignoring the two proposed projects,calculate the budgeted profit or loss for Q1 and explain whether the hotel should close for the duration of Q1.(4 marks)
(c)Calculate the breakeven point in sales value of Project 1 and explain whether the hotel should adopt the project.(4 marks)
(d)Using the graph,quantify and comment upon the financial effect of Project 2 on the Alka Hotel.
Note:There are up to four marks available for calculations.(8 marks)
02  分析過(guò)程
第一步：首先看分?jǐn)?shù)，按分估小點(diǎn)，宜多不宜減；
4分的題目通常就需要回答到兩個(gè)點(diǎn)，如果題中考的是簡(jiǎn)單定義的默寫有可能會(huì)一分一個(gè)點(diǎn)；
8分的題目通常是4個(gè)點(diǎn)每個(gè)點(diǎn)2分。
第二步：?jiǎn)栴}要先讀，圈出關(guān)鍵詞，分析知識(shí)點(diǎn)；
(a)計(jì)算BEP和margin of safety as a percentage，結(jié)合上一步的分析，確定按照一個(gè)計(jì)算兩分寫；（需要注意的是，考生做題的時(shí)候過(guò)程盡量寫詳細(xì)，結(jié)果算錯(cuò)了但是過(guò)程正確是有分的）
(b)忽略這兩個(gè)項(xiàng)目，計(jì)算第一季度的預(yù)算利潤(rùn)或虧損，并解釋酒店是否應(yīng)該在第一季度關(guān)閉。基本可以看出是calculate和explain一個(gè)兩分。
(c)計(jì)算項(xiàng)目1的BER，說(shuō)明酒店是否應(yīng)該采用該項(xiàng)目。基本可以看出是calculate和explain一個(gè)兩分。
(d)利用圖表，量化并評(píng)論項(xiàng)目2對(duì)Alka酒店的財(cái)務(wù)影響。下面批注了計(jì)算可以占4分，剩下四分是文字。
以上是對(duì)問(wèn)題的分析，可以看出前面兩個(gè)問(wèn)題都是和project 1&2沒(méi)有關(guān)系的，所以先帶著前兩個(gè)問(wèn)題看Project 1-Theatre package之前的背景。然后再分別看第三個(gè)和第四個(gè)問(wèn)題。
第三步：開始讀題目，帶著問(wèn)題讀，高亮標(biāo)題干；
(a)(b)問(wèn)先讀Project 1-Theatre package之前：
•25 double bedrooms，$180 per room per night：25間雙人房，無(wú)論是單人房還是雙人房，每個(gè)房間每晚收費(fèi)180美元
•variable cost is$60 per occupied room per night：每間客房每晚60美元
•365 days a year,70%budgeted occupancy rate
•Fixed costs$600,000 a year
•First quarter(Q1)sell 900 occupied room nights
(a)問(wèn)的是計(jì)算，先把公式寫上，然后帶入數(shù)據(jù)。帶數(shù)據(jù)過(guò)程中發(fā)現(xiàn)由某一個(gè)數(shù)據(jù)是題中沒(méi)有告訴的，建議寫Working，因?yàn)闄C(jī)考時(shí)EXCEL表格不能插入行。
BEP=Fixed cost/contribution per room per night=$600,000/$120(W1)=5000 occupied room nights
Margin of safety as a percentage=(Budgeted room occupancy–breakeven room occupancy)/budgeted room occupancy=(6387.5(w2)-5000)/6387.5(w2)=21.72%
Working 1:
Contribution per room=sales price per room per night-variable cost=$180-$60=$120 per room per night
Working 2:
Budgeted room occupancy=25 double bedrooms*365 days a year*70%budgeted occupancy rate=6387.5 occupied room nights
(b)問(wèn)的是計(jì)算結(jié)合文字，習(xí)慣寫法是先把計(jì)算寫出來(lái)，然后再分析。
Profit or loss for Q1：
Total Contribution=Contribution per room*occupied room nights=$120*900=$108000
Profit/loss=total contribution-FC=$108000-$600,000*(3/12)=$-42000
（一定要注意這里的FC只算一個(gè)季度的，也就是3個(gè)月）
Explain whether the hotel should close for the duration of Q1：
如果關(guān)閉，損失銷售收入節(jié)約變動(dòng)成本，也就是損失contribution：108000
但是固定成本$600,000*(3/12)=150000不會(huì)被節(jié)約，普通的固定成本只有關(guān)閉企業(yè)完全不生產(chǎn)之后才可以被節(jié)約。
所以最后觀點(diǎn)是should not close，書寫過(guò)程為：
The Alka Hotel should not close in Q1.（先把觀點(diǎn)擺出來(lái)）
The fixed costs will still be incurred and closure would result in lost contribution of$108,000.This in turn would result in a decrease in annual profits of$108,000.（根據(jù)背景解釋原因）
In addition,the hotel could lose customers at other times of the year,particularly their regular business customers,who may perceive the hotel as being unreliable.（開腦洞，根據(jù)實(shí)際情況去分析有可能出現(xiàn)的情況，這一點(diǎn)不一定和答案相同，言之有理即可）
第三步：開始讀題目，帶著問(wèn)題讀，高亮標(biāo)題干；
•two consecutive nights at a special rate of$67.50 per room night will also receive a pair of theatre tickets for a payment of$100.：連續(xù)兩晚以67.50美元/間的特殊價(jià)格入住的夫婦還將獲得兩張劇院門票。也就是sales price=$67.50*2+$100=$235.
•theatre tickets cost$95 a pair
•fixed costs specific to this project$20,000.
(c)問(wèn)的是計(jì)算結(jié)合文字，習(xí)慣寫法是先把計(jì)算寫出來(lái)，然后再分析。需要注意的是本小問(wèn)的項(xiàng)目是一個(gè)單獨(dú)的項(xiàng)目，對(duì)原來(lái)的客戶沒(méi)有影響（have no effect on their usual Q1 customers），所以評(píng)估的時(shí)候也是單獨(dú)評(píng)估。
BER of project 1=Fixed cost/C/S ratio=$20,000/8.51%（w3）=$235017.63
Working 3：注意收入和變動(dòng)成本都是由兩個(gè)部分組成。
Sales price=$67.50*2+$100=$235
VC=$60*2+$95=$215
Contribution=$235-$215=$20
C/S ratio=$40/$235.=8.51%
Explain whether the hotel should adopt the project:
從上面的計(jì)算可以看出，單位貢獻(xiàn)是$20比較低，如果要讓contribution覆蓋掉固定成本$20,000，需要1000個(gè)兩晚+影院票賣出去，也就是2000 occupied room nights。Q1可獲得的房間數(shù)是25*365*（3/12）=2281.25 room nights，其中正常的客戶需要900晚，所以是不夠的，should not adopt project 1.
Project 1 is not viable at the quoted prices.（通常習(xí)慣把結(jié)論放前面，讓考官明確你的觀點(diǎn)）
The unit contribution per theatre package is low and it requires a large number of sales to break even.Each theatre package would require two room nights to be sold which would mean 2,000 room nights needed in Q1 to break even.（需要的）
The available rooms for Q1 are only 2,281·25(9,125/4)and the Alka Hotel has already sold 900 rooms,so there is insufficient capacity.（可獲得的）
第三步：開始讀題目，帶著問(wèn)題讀，高亮標(biāo)題干；
(這個(gè)題的題干很少，主要是圖像，所以先在草稿紙上分析圖像）
(d)問(wèn)是文字+計(jì)算，但是不按照先寫計(jì)算再寫文字，因?yàn)橛?jì)算一開始沒(méi)辦法明確算的是什么，最好是根據(jù)文字的邏輯去計(jì)算。
•銷售收入：找到sales直線上唯一一個(gè)標(biāo)了橫縱坐標(biāo)的點(diǎn)(8000,2000000)，所以sales price=2000000/80000=$250，以前是$180 per room per night，可以看出餐廳業(yè)務(wù)平均每間房每晚增加了70的收入。
•變動(dòng)成本：total cost和fixed cost之間的差異就是VC，所以8000 rooms對(duì)應(yīng)的VC是1560000-800000=760000，VC per room=760000/8000=$95 per room。相比于以前的$60 per room增加了$35 per room，這反映了餐廳業(yè)務(wù)的可變成本。
•固定成本：從600000變到了800000，因?yàn)椴蛷d業(yè)務(wù)增加了200000的成本；
•由于這些變化，收支平衡點(diǎn)從5000間客房增加到5161間客房（圖中直接看出），因此酒店需要銷售更多的客房夜來(lái)彌補(bǔ)成本。
•當(dāng)前的預(yù)計(jì)銷售房間數(shù)是7300（圖像中），占總數(shù)的80%（7300/9125），安全邊際是（7300-5161）/7300=29.30%，這是大于當(dāng)前的安全邊際的（29.30%>21.72%），風(fēng)險(xiǎn)更小了。
•利潤(rùn)：sales-total cost=7300*$250-7300*$95 per room-800000=$331,500