QUESTION 1 (20 MARKS: 48 MINUTES)

A. The year 2019 witnessed the spread of the coronavirus (Covid-19) worldwide. Many businesses especially small and medium enterprises were severely affected and collapsed due to inability to sustain their businesses. The impact of Covid-19 on the economy turned out to be devastating. To maintain the sustainability of the company during Covid-19, good management is really required. Management must coordinate all available resources efficiently and effectively and make managerial decisions to support the goal of the company which is to maximize profit. Managing the company's resources is very important to accelerate the company's profitability. This is where Cost-Volume-Profit (CVP) analysis comesinto picture since CVP analysis is a useful tool for managers in making business decisions.

REQUIRED: Discuss FOUR (4) ways how CVP analysis can assist managers to sustain their businesses during pandemic Covid-19. (10 Marks)

PLEASE ANSWER IN DETAIL