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Chapter 12 HW Questions Note: For each non-excel question, you must provide your source in the proper APA format. Reminder: If you DO NOT have a formula within your answer cell, it will not be marked correct! You must show your work within the excel formula! 1. Fixed and variable costs: Define variable costs and fixed costs, and give an example of each. 2. EBIT: Describe the role that the mix of variable versus fixed costs has in the variation of earnings before interest and taxes (EBIT) for the firm. 3. [EXCEL] EBIT: The Generic Publications Textbook Company sells all of its books for $100 per book, and it currently costs $50 in variable costs to produce each text. The fixed costs, which include depreciation and amortization for the firm, are currently $2 million per year. Management is considering changing the firm's production technology, which will increase the fixed costs for the firm by 50 percent but decrease the variable costs per unit by 50 percent. If management expects to sell 45,000 books next year, should they switch technologies? 4. [EXCEL]EBIT: WalkAbout Kangaroo Shoe Stores management forecasts that it will sell 9,500 pairs of shoes next year. The firm buys its shoes for $50 per pair from the wholesaler and sells them for $75 per pair. If the firm will incur fixed costs plus depreciation and amortization of $100,000, then what is the percent increase in EBIT if the actual sales next year equal 11,500 pairs of shoes instead of 9,500? 5. [EXCEL]Cash Flow DOL: The law firm of Dewey, Cheatem, and Howe has monthly fixed costs of $100,000, EBIT of $250,000, and depreciation charges on its office furniture and computers of $5,000. Calculate the Cash Flow DOL for this firm. 6. [EXCEL]Cash Flow DOL: The degree of pretax cash flow operating leverage at Rackit Corporation is 2.7 when it sells 100,000 units of its new tennis racket and its EBITDA is $95,000. Ignoring the effects of taxes, what are the fixed costs for Rackit Corporation? 7. Accounting DOL: Explain how the value of the degree of accounting operating leverage can be used. 8. Accounting DOL: Caterpillar, Inc. is a manufacturer of large earth-moving and mining equipment. This firm, and other heavy equipment manufacturers, have degrees of accounting operating leverage that are relatively high. Explain why. 9. Break-even analysis: Why is the per-unit contribution important in a break-even analysis? 10. [EXCEL]Break-even analysis: Calculate the accounting operating profit breakeven point and pretax operating cash flow break-even point for each of the three production choices outlined below. 11. Break-even point: The accounting operating profit break-even point tells us the number of units that must be sold for a firm to break-even in a given year from an accounting operating profit perspective. What measure tells us the number of units that must be sold each year during the life of a project in order for the project to break-even with regards to its opportunity cost of capital? 12. Simulation analysis: What is simulation analysis, and how is it used?