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Price Analaysis Essay

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Price Analysis for the Navigation System
Candy Morris
Business 315
                                                                Professor Bartorillo                    
July 24, 2015

Price Analysis for the Navigation System
1. Analysis your company’s cost classification for pricing of the navigation system. Defend your cost classification to the US government.

The importance of cost classification to a business should not be underestimated. Cost classification is important because it makes it easier to gather the methods used for accumulating cost data. It also maintains effective supervision in a company.
My companies cost classification is variable, fixed and semi-variable. The definition of a fixed cost is one which does not vary in total when the level of output by the business does vary. Like rent, stationary and telephones. Variable costs are costs which depend on the level of sales in the business. For example, labor costs, inventory, shipping and packing costs. A semi-variable cost has characteristics of both fixed costs and variable costs once a specific level of output is surpassed. Semi-variable costs are an important consideration for companies when planning output levels, because semi-variable costs may limit profitability at higher production levels and erode a company's bottom line.
Cost accounting, a subset of both managerial and financial accounting, ascribes a value to the costs used in creating a product or service. By using reports that show these cost classifications, a manager may determine where production costs are higher than anticipated, which might raise the price of a product. Inversely, this may indicate that he needs to look at other suppliers for his raw materials or consider reallocating labor to reduce the costs associated with the product. He could not do this without knowing what these costs are, and cost classification provides him with this information.( Purpose of Cost Classification)
2. Determine...

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