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# 会计代写|财务管理代考Financial Management代写|BUS-F507 The Profit Margin

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## 会计代写|财务管理代考Financial Management代写|The Profit Margin

The profit margin measures the fraction of each dollar of sales that trickles down through the income statement to profits. This ratio is particularly important to operating managers because it reflects the company’s pricing strategy and its ability to control operating costs. As Table $2.1$ indicates, profit margins differ greatly among industries depending on the nature of the product sold and the company’s competitive strategy.

Note too that profit margin and asset turnover tend to vary inversely. Companies with high profit margins tend to have low asset turns, and vice versa. This is no accident. Companies that add significant value to a product, such as Microsoft or Alphabet Inc., can demand high profit margins. However, because adding value to a product usually requires lots of assets, these same firms tend to have lower asset turns. At the other extreme, grocery stores such as Kroger and discount retailers such as Target bring the product in the store on forklift trucks, sell for cash, and make the customer carry out her own purchases. Because they add little value to the product, they have very low profit margins and correspondingly high asset turns. It should be apparent, therefore, that a high profit margin is not necessarily better or worse than a low one-it all depends on the combined effect of the profit margin and the asset turnover.

## 会计代写|财务管理代考Financial Management代写|Gross Margin

When analyzing profitability, it is often interesting to distinguish between variable costs and fixed costs. Variable costs change as sales vary, while fixed costs remain constant. Companies with a high proportion of fixed costs are more vulnerable to sales declines than other firms, because they cannot reduce fixed costs as sales fall.

Unfortunately, the accountant does not differentiate between fixed and variable costs when constructing an income statement. However, it is usually safe to assume that most expenses in cost of goods sold are variable, while most of the other operating costs are fixed. The gross margin enables us to distinguish, insofar as possible, between fixed and variable costs. It is defined as
$$\text { Gross margin }=\frac{\text { Gross profit }}{\text { Sales }}=\frac{\ 2,051}{\ 7,108}=28.9 \%$$
where gross profit equals net sales less cost of goods sold. Twenty-nine percent of Polaris’s sales dollar is a contribution to fixed cost and profits: 29 cents of every sales dollar is available to pay for fixed costs and to add to profits.

One common use of the gross margin is to estimate a company’s breakeven sales volume. Polaris’s income statement tells us that total operating expenses in 2020 were $\$ 1,460$million. If we assume these expenses are fixed and if 29 cents of each Polaris sales dollar is available to pay for fixed costs and add to profits, the company’s zero-profit sales volume must be$\$1,460 / 0.29$, or $\$ 5,034$million.${ }^{2}$Assuming operating expenses and the gross margin are independent of sales, Polaris loses money when sales are below$\$5,034$ million, and makes money when sales are above this figure.

## 会计代写|财务管理代考Financial Management代写|Gross Margin

$$\text { Gross margin }=\frac{\text { Gross profit }}{\text { Sales }}=\frac{\ 2,051}{\ 7,108}=28.9 \%$$

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MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。