Cost-volume-profit (CVP) analysis is a highly effective planning and decision-making technique. This analysis emphasized the interdependence of costs, quantity sold, and price. CVP analysis is defined as the determination of total revenue, total cost, and operating income in response to changes in sales volume, selling price, variable cost, or fixed cost of production. Thus, it can be a valuable tool for determining the scope and degree of an organization's economic difficulties and assisting in identifying the necessary solution. CVP analysis has seemed to be a widely used practice among manufacturing companies, particularly in determining the number of units of a particular product that must be sold to breakeven. This enables managers to observe the cost's behaviour prior to making a final decision. Thus, the application of CVP analysis is not limited to the manufacturing industry but also to service, retailing and non-profit organisations. Required: You are required to choose any industry sector, such as manufacturing, services, retailing, or non-profit organisations. Discuss the application of Cost-Volume-Profit analysis in that industry by highlighting the strengths and weaknesses of the application. [Hints: refer to journal articles to support your discussion] (14 marks) QUESTION 2 (16 marks)