Revision Date: 09/07/2012

Student Name:

Koebler

Enter your first initial and last name in the fields above and then click out of the cell to populate
the information you will need.

Custom Snowboards Inc.

Income Statement
December 31, Years 12, 13, and 14
39800

41200

41000

Units Sold
Year 14
REVENUE:
Net Sales
Cost of Goods Sold
Gross Profit

OPERATING EXPENSES
Selling Expenses
Transportation ($5 per board)
Sales Commissions
Advertising
Total Selling Expense
General and Admin Expenses
Administrative Payroll
Executive Compensation
Research and Development
Website Creation and Maintenance
Depreciation Expense
Utilities & Services
Other General and Admin Expenses
Total General and Admin Expenses
Total Operating Expenses
OPERATING INCOME
Interest Income (Expense):
Interest Income
Interest Expense
Interest, net
EARNINGS BEFORE INCOME TAXES
Provision for Income Taxes
NET EARNINGS

Year 13

Year 12

6,407,800
4,457,600
1,950,200

6,633,200
4,614,400
2,018,800

6,601,000
4,592,000
2,009,000

218,900
298,500
238,800
756,200

226,600
309,000
247,200
782,800

225,500
307,500
246,000
779,000

250,000
215,000
90,000
12,000
100,000
260,000
170,000
1,097,000

220,000
195,000
90,000
12,000
100,000
255,000
158,000
1,030,000

210,000
190,000
90,000
12,000
100,000
238,000
120,500
960,500

1,853,200
97,000

1,812,800
206,000

1,739,500
269,500

300
-75,000
-74,700
22,300
5,575
16,725

3,200
-80,000
-76,800
129,200
32,300
96,900

2,500
-85,000
-82,500
187,000
46,750
140,250

Custom Snowboards, Inc.

Balance Sheets
December 31, Years 12, 13, and 14

Year 14
ASSETS
Current Assets:
Cash and Cash Equivalents
Short-Term Investments
Accounts Receivable, net
Raw Materials Inventory
Finished Goods Inventory
Other Current Assets
Total Current Assets
Property and Equipment, at cost:
Land
Manufacturing Plants and Offices
Furniture, Fixtures and Equipment
Less Accumulated Depreciation
Net Property and Equipment
TOTAL ASSETS
LIABILITIES
Current Liabilities:
Accounts and Notes Payable
Current Portion of Long Term Debt
Total Current Liabilities
Long-Term Liabilities:
Mortgage Payable
Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
STOCKHOLDERS' EQUITY:
Common Stock ($1.00 Par)
Paid In Capital
Retained Earnings
Total Stockholders' Equity
TOTAL LIABILITIES and EQUITY

Year 13

Year 12

238,373
30,000
192,234
35,820
133,728
110,000
740,155

222,442
180,000
198,996
37,080
138,432
104,000
880,950

121,000
150,000
198,030
36,900
137,760
95,000
738,690

100,000
800,000
500,000
1,400,000
(400,000)
1,000,000
1,740,155

100,000
800,000
300,000
1,200,000
(300,000)
900,000
1,780,950

100,000
800,000
300,000
1,200,000
(200,000)
1,000,000
1,738,690

71,640
55,000
126,640

74,160
55,000
129,160

73,800
55,000
128,800

700,000
50,000
750,000
876,640

750,000
55,000
805,000
934,160

800,000
60,000
860,000
988,800

200,000
400,000
263,515
863,515
1,740,155

200,000
400,000
246,790
846,790
1,780,950

200,000
400,000
149,890
749,890
1,738,690

Custom Snowboards Inc.

Comparative Income Statements

December 31, Years 12, 13, and 14

Year 14
REVENUE:
Net Sales
Cost of Goods Sold
Gross Profit
OPERATING EXPENSES
Selling Expenses
Transportation Out
Sales Commissions
Advertising
Total Selling Expense
General and Admin Expenses
Administrative Salaries
Executive Compensation
Utilities
Research and Development
Website Creation and Maintenance
Depreciation Expense
Other General and Admin Expenses
Total General and Admin Expenses
Total Operating Expenses
OPERATING INCOME
Interest Income (Expense):
Interest Income

Horizontal Analysis

Horizontal Analysis

Years 14 and 13
Change
% Inc (Dec)
(225,400)
-3.40%
(156,800)
-3.40%
(68,600)
-3.40%

Years 13 and 12
Change
32,200
22,400
9,800

Year 13

Year 12

6,407,800
4,457,600
1,950,200

6,633,200
4,614,400
2,018,800

6,601,000
4,592,000
2,009,000

218,900
298,500
238,800
756,200

226,600
309,000
247,200
782,800

225,500
307,500
246,000
779,000

(7,700)
(10,500)
(8,400)
(26,600)

-3.40%
-3.40%
-3.40%
-3.40%

1,100
1,500
1,200
3,800

250,000
215,000
260,000
90,000
12,000
100,000
170,000
1,097,000

220,000
195,000
255,000
90,000
12,000
100,000
158,000
1,030,000

210,000
190,000
238,000
90,000
12,000
100,000
120,500
960,500

30,000
20,000
5,000
0
0
0
12,000
67,000

13.64%
10.26%
1.96%
0.00%
0.00%
0.00%
7.59%
6.50%

10,000
5,000
17,000
0
0
0
37,500
69,500

1,853,200
97,000

1,812,800
206,000

1,739,500
269,500

40,400
(109,000)

2.23%
-52.91%

73,300
(63,500)

300

3,200

2,500

(2,900)

-90.63%

700

Interest Expense
Interest, net
EARNINGS BEFORE INCOME TAXES
Provision for Income Taxes
NET EARNINGS

-75,000
-74,700
22,300

-80,000
-76,800
129,200

-85,000
-82,500
187,000

5,000
2,100
(106,900)

-6.25%
-2.73%
-82.74%

5,000
5,700
(57,800)

5,575
16,725

32,300
96,900

46,750
140,250

(26,725)
(80,175)

-82.74%
-82.74%

(14,450)
(43,350)

Custom Snowboards Inc.

Comparative Balance Sheets

December 31, Years 14 and 13
Year 14
ASSETS
Current Assets:
Cash and Cash Equivalents
Short-Term Investments
Accounts Receivable, net
Raw Materials Inventory
Finished Goods Inventory
Other Current Assets
Total Current Assets
Property and Equipment, at cost:
Land
Manufacturing Plants and Offices
Furniture, Fixtures, and Equipment
Less Accumulated Depreciation
Net Property and Equipment
TOTAL ASSETS
LIABILITIES
Current Liabilities:
Accounts and Notes Payable
Current Portion of Long-Term Debt

Year 13

Year 12

Horizontal Analysis

Horizontal Analysis

Years 14 and 13
Change
% Inc (Dec)
15,931
7.2%
(150,000)
-83.3%
(6,762)
-3.4%
(1,260)
-3.4%
(4,704)
-6,000
5.8%
(140,795)
-16.0%

Years 13 and 12
Change
101,442
30,000
966
180
672
9,000
142,260
0
0
0
0
(100,000)
(100,000)
42,260

238,373
30,000
192,234
35,820
133,728
110,000
740,155

222,442
180,000
198,996
37,080
138,432
104,000
880,950

121,000
150,000
198,030
36,900
137,760
95,000
738,690

100,000
800,000
500,000
1,400,000
-400,000
1,000,000
1,740,155

100,000
800,000
300,000
1,200,000
-300,000
900,000
1,780,950

100,000
800,000
300,000
1,200,000
-200,000
1,000,000
1,738,690

0
0
200,000
200,000
(100,000)
100,000
(40,795)

0.0%
0.0%
66.7%
16.7%
33.3%
11.1%
-2.3%

71,640
55,000

74,160
55,000

73,800
55,000

(2,520)
0

-3.4%
0.0%

360
0

Total Current Liabilities

Long-Term Liabilities:
Mortgage Payable
Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
STOCKHOLDERS' EQUITY:
Common Stock ($1.00 Par)
Paid In Capital
Retained Earnings
Total Stockholders' Equity
TOTAL LIABILITIES and EQUITY

126,640

129,160

128,800

(2,520)

-2.0%

360

700,000
50,000
750,000
876,640

750,000
55,000
805,000
934,160

800,000
60,000
860,000
988,800

(50,000)
(5,000)
(55,000)
(57,520)

-6.7%
-9.1%
-6.8%
-6.2%

(50,000)
(5,000)
(55,000)
(54,640)

200,000
400,000
263,515
863,515
1,740,155

200,000
400,000
246,790
846,790
1,780,950

200,000
400,000
149,890
749,890
1,738,690

0
0
16,725
16,725
(40,795)

0.0%
0.0%
6.8%
2.0%
-2.3%

0
0
96,900
96,900
42,260

Winter

Ratio Analysis:

Custom Snowboards, Inc.

Year 14
Year 13

Sports
Year 14

Horizontal Analysis
Years 13 and 12
% Inc (Dec)
0.49%
0.49%
0.49%

0.49%
0.49%
0.49%
0.49%

4.76%
2.63%
7.14%
0.00%
0.00%
0.00%
31.12%
7.24%
4.21%
-23.56%

28.00%

Current Ratio

5.84

6.82

4.20

Acid-Test Ratio

3.64

4.66

3.40

Inventory Turnover

33.3

33.4

30.4

Average Collection Period

11.0

11.0

32.5

Debt Ratio

50.4%

52.5%

38.0%

Gross Profit Margin

30.4%

30.4%

32.1%

Operating Profit Margin

1.5%

3.1%

5.2%

Net Profit Margin

0.3%

1.5%

5.1%

Earnings per Share

0.02

0.11

0.08

Return on Total Assets

1.0%

5.4%

4.8%

Return on Common Equity

1.9%

11.4%

8.10%

Price / Earnings Ratio

170.52

90.82

29.00

Times Interest Earned

1.29

2.58

5.10

-5.88%
-6.91%
-30.91%
-30.91%
-30.91%

Horizontal Analysis
Years 13 and 12
% Inc (Dec)
83.8%
20.0%
0.5%
0.5%
-9.5%
19.3%
0.0%
0.0%
0.0%
0.0%
50.0%
-10.0%
2.4%

0.5%
0.0%

0.3%
-6.3%
-8.3%
-6.4%
-5.5%

0.0%
0.0%
64.6%
12.9%
2.4%

Custom Snowboards Inc.

Comparative Income Statements - Vertical Analysis

December 31, Years 12, 13, and 14

Year 14
REVENUE:
Net Sales
Cost of Goods Sold
Gross Profit
OPERATING EXPENSES
Selling Expenses
Transportation Out
Sales Commissions
Advertising
Total Selling Expense
General and Admin Expenses
Administrative Salaries
Executive Compensation
Research and Development
Website Creation and Maintenance
Depreciation Expense
Utilities & Services
Other General and Admin Expenses
Total General and Admin Expenses
Total Operating Expenses
OPERATING INCOME
Interest Income (Expense):
Interest Income
Interest Expense
Interest, net
EARNINGS BEFORE INCOME TAXES
Provision for Income Taxes

Year 13

Year 12

6,407,800
4,457,600
1,950,200

100.0%
69.6%
30.4%

6,633,200
4,614,400
2,018,800

100.0%
69.6%
30.4%

6,601,000
4,592,000
2,009,000

100.0%
69.6%
30.4%

218,900
298,500
238,800
756,200

3.4%
4.7%
3.7%
11.8%

226,600
309,000
247,200
782,800

3.4%
4.7%
3.7%
11.8%

225,500
307,500
246,000
779,000

3.4%
4.7%
3.7%
11.8%

250,000
215,000
90,000
12,000
100,000
260,000
170,000
1,097,000

3.9%
3.4%
1.4%
0.2%
1.6%
4.1%
2.7%
17.1%

220,000
195,000
90,000
12,000
100,000
255,000
158,000
1,030,000

3.3%
2.9%
1.4%
0.2%
1.5%
3.8%
2.4%
15.5%

210,000
190,000
90,000
12,000
100,000
238,000
120,500
960,500

3.2%
2.9%
1.4%
0.2%
1.5%
3.6%
1.8%
14.6%

1,853,200
97,000

28.9%
1.5%

1,812,800
206,000

27.3%
3.1%

1,739,500
269,500

26.4%
4.1%

300
-75,000
-74,700
22,300

0.0%
-1.2%
-1.2%
0.3%

3,200
-80,000
-76,800
129,200

0.0%
-1.2%
-1.2%
1.9%

2,500
-85,000
-82,500
187,000

0.0%
-1.3%
-1.2%
2.8%

5,575

0.1%

32,300

0.5%

46,750

0.7%

NET EARNINGS

16,725

0.3%

96,900

1.5%

140,250

2.1%

Custom Snowboards Inc

Balance Sheets - Vertical Analysis

December 31, Years 12, 13, and 14

Year 14
ASSETS
Current Assets:
Cash and Cash Equivalents
Short-Term Investments
Accounts Receivable, net
Raw Materials Inventory
Finished Goods Inventory
Other Current Assets
Total Current Assets
Property and Equipment, at cost:
Land
Manufacturing Plants and Offices
Furniture, Fixtures and Equipment
Less Accumulated Depreciation
Net Property and Equipment
TOTAL ASSETS
LIABILITIES
Current Liabilities:
Accounts and Notes Payable
Current Portion of Long-Term Debt
Total Current Liabilities
Long-Term Liabilities:
Mortgage Payable
Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities

Year 13

Year 12

238,373
30,000
192,234
35,820
133,728
110,000
740,155

13.7%
1.7%
11.0%
2.1%
7.7%
6.3%
42.5%

222,442
180,000
198,996
37,080
138,432
104,000
880,950

12.5%
10.1%
11.2%
2.1%
7.8%
5.8%
49.5%

121,000
150,000
198,030
36,900
137,760
95,000
738,690

7.0%
8.6%
11.4%
2.1%
7.9%
5.5%
42.5%

100,000
800,000
500,000
1,400,000
(400,000)
1,000,000
1,740,155

5.7%
46.0%
28.7%
80.5%
-23.0%
57.5%
100.0%

100,000
800,000
300,000
1,200,000
(300,000)
900,000
1,780,950

5.6%
44.9%
16.8%
67.4%
-16.8%
50.5%
100.0%

100,000
800,000
300,000
1,200,000
(200,000)
1,000,000
1,738,690

5.8%
46.0%
17.3%
69.0%
-11.5%
57.5%
100.0%

71,640
55,000
126,640

4.1%
3.2%
7.3%

74,160
55,000
129,160

4.2%
3.1%
7.3%

73,800
55,000
128,800

4.2%
3.2%
7.4%

700,000
50,000
750,000
876,640

40.2%
2.9%
43.1%
50.4%

750,000
55,000
805,000
934,160

42.1%
3.1%
45.2%
52.5%

800,000
60,000
860,000
988,800

46.0%
3.5%
49.5%
56.9%

STOCKHOLDERS' EQUITY:
Common Stock ($1.00 Par)
Paid In Capital
Retained Earnings
Total Stockholders' Equity
TOTAL LIABILITIES and EQUITY

200,000
400,000
263,515
863,515
1,740,155

11.5%
23.0%
15.1%
49.6%
100.0%

200,000
400,000
246,790
846,790
1,780,950

11.2%
22.5%
13.9%
47.5%
100.0%

200,000
400,000
149,890
749,890
1,738,690

11.5%
23.0%
8.6%
43.1%
100.0%

Custom Snowboards Inc.

Historical Trend Analysis

December 31, Years 1214

Net Sales
Trend Percentages (Year 12 as base)
Year to Year Increase

Year 14

Year 13

Year 12

6,407,800

6,633,200

6,601,000

97.1%
96.6%

100.5%
100.5%

100.0%

Custom Snowboards Inc.

Forecasted Trend Analysis

December 31, Years 1417

Net Sales
Trend Percentages (Year 14 as base)
Year to Year Increase

Year 17

Year 16

Year 15

Year 14

6,647,452

6,535,956

6,600,034

6,407,800

103.7%
101.7%

102.0%
99.0%

103.0%
103.0%

100.0%

The management of Custom Snowboards has prepared the following projected income statements for an anticipated
expansion to Europe. Different potential financing options are presented in the spreadsheets that follow.

Custom Snowboards Inc.

European Sales Forecast

Comparative Pro Forma Income Statements

December 31, Years 1519

Year 19
REVENUE:
Net Sales
Cost of Goods Sold
Gross Profit
OPERATING EXPENSES
Selling and Admin Expenses
Advertising
Sales Commissions
Transportation Out ($5/unit)
Factory Manager/Staff
Total Selling and Admin
Depreciation Expense*
EARNINGS

Year 18

Year 17

Year 16

Year 15

2,232,990
1,692,079
540,911

2,029,991
1,538,254
491,737

1,845,446
1,398,413
447,034

1,537,872
1,165,344
372,528

1,281,560
971,120
310,440

80,000
27,046
69,348
66,853
243,246

80,000
24,587
63,043
63,669
231,299

100,000
22,352
57,312
60,638
240,301

100,000
18,626
47,760
57,750
224,136

100,000
15,522
39,800
55,000
210,322

40,000
257,665

40,000
220,438

40,000
166,732

40,000
108,392

40,000
60,118

EBIT from European Forecast

Year 15
60,118
Year 16
108,392
Year 17
166,732
Year 18
220,438
Year 19
257,665

Insert the EBIT from the European Sales Forecast into the box. Each year can be analyzed individually.

CHOOSING AN OPTIMAL CAPITAL STRUCTURE

Alternative Capital Sources

Long Term Debt
Preferred
Common *
Total

Long Term
Debt
1,000,000

30% Long-Term
Debt and
Common
300,000

80% Long-Term
Debt and
Common
800,000

No LongTerm Debt

1,000,000

700,000
1,000,000

200,000
1,000,000

1,000,000
1,000,000

Earnings before Interest and Tax (EBIT)

Interest on Long Term Debt
Income before tax (EBT)
Income Tax (35% marginal rate)
Net Income

0
67,500
-67,500
-23,625
-43,875

0
20,250
-20,250
-7,088
-13,163

0
54,000
-54,000
-18,900
-35,100

0
0
0
0
0

Total Income Available for Common Stock

Common Stock Shares Outstanding
Earnings per Common Stock share

-43,875
200,000
-0.219

-13,163
550,000
-0.024

-35,100
300,000
-0.117

0
700,000
0.000

* Capital received from the additonal shares: $2.00 per share consisting of $1 par value plus $1 of additional paid in capital.

Projected Five-Year Income Statements for European operations

Year 15
Year 16
Year 17
Expected Annual Sales Increase from Europe
1,281,560
1,537,872
1,845,446
Expected Costs of New Product:
Cost of Goods Sold
Depreciation on European Fixed Assets
Selling and administrative expenses
Income before taxes
Income tax at 25% marginal rate
Net income
Net cash flow (Net Income with Depreciation)

971,120
40,000
210,322
60,118
15,030
45,089
85,089

Year 19
2,232,990

1,692,079
40,000
243,246
257,665
64,416
193,249
233,249

1,165,344
40,000
224,136
108,392
27,098
81,294
121,294

1,398,413
40,000
240,301
166,732
41,683
125,049
165,049

1,538,254
40,000
231,299
220,438
55,109
165,328
205,328

Cash Flows
85,089
121,294
165,049
205,328
233,249
200,000
400,000

10%
PV Factors
0.909
0.826
0.751
0.683
0.621
0.621
0.621

Present
Value
77,345
100,189
123,952
140,239
144,847
124,200
248,400

Net Present Value at a minimum expected 10% Cost of Capital

Year 15
Year 16
Year 17
Year 18
Year 19
Working Capital Return
Salvage Return

Year 18
2,029,991

Total Present Value

Investment
Net Present Value

959,173
1,000,000
-40,827

Internal Rate of Return:

Investment
Year 15
Year 16
Year 17
Year 18
Year 19

Cash Flows
-1,000,000
85,089
121,294
165,049
205,328
833,249

Internal Rate of Return

8.9%

Custom Snowboards Inc. Lease vs. Buy Decision

Analysis of Extended Payment Options for Procurement of Plant & Equipment
Leasing Interest and Principal Calculations
Loan Payment:
Payments
End of Year
15
16
17
18
19

Loan
Payments
189917
189917
189917
189917
189917

End of Year
15
16
17
18
19

Loan
Payments
189917
189917
189917
189917
189917

Beg., Year
Principal
800,000
658,083
507,651
348,193
179,167

189,917.12

Principal
141,917
150,432
159,458
169,026
179,167

End Year
Principal
658,083
507,651
348,193
179,167
0

After-tax Cash Flow if Purchased

Operational
Costs
Depreciation
Interest
25,000
35,000
48,000
25,000
35,000
39,485
25,000
35,000
30,459
25,000
35,000
20,892
25,000
35,000
10,750

Total
Deductions
297,917
289,402
280,376
270,809
260,667

Interest
48,000
39,485
30,459
20,892
10,750

Tax
Shields
74,479
72,351
70,094
67,702
65,167

Lease vs. Purchase Comparison of Cash Flows

End of Year
Year 14
15
16
17
18
19
Cash buyout

After Tax
Cash Flows
146,250
146,250
146,250
146,250
146,250
50,000

Leasing
Present Value
Factors (6%)
0.943
0.890
0.840
0.792
0.747
0.747

Present Value
of Outflows
137,914
130,163
122,850
115,830
109,249
37,350
653,355

After Tax
Cash Flows
Down Payment
140,438
142,567
144,823
147,215
149,750

Purchasing
Present Value
Factors (10%)
0.909
0.826
0.751
0.683
0.621

Present Value
of Outflows
50,000
127,658
117,760
108,762
100,548
92,995
597,723

After Tax
Cash Flows
140,438
142,567
144,823
147,215
149,750

CONSIDER A MERGER
Financial Data for Custom Snowboards Inc. and European Snowboarding

Earnings Available for Common Stock

# of shares of common stock outstanding
Earnings per share
Market price per share
Price/Earnings ratio

Custom Snowboards
196,876
200,000
0.98
$1.08
1.1

European SnowFun
60,118
300,000
0.20
$2.40
12.0

Projections based on Year 15

budget and European Year 15
forecast.

Earnings per Share

Expected EPS
Before Merger
After Merger
Custom Snowboards
European Snowboarding

0.98
0.20

1.18

Expected EPS based on efficiencies

from combined operations.

CONSIDER AN ACQUISITION
Net Present Value of European SnowFun Project Cash Flows

Year 15
Year 16
Year 17
Year 18
Year 19
Total

Cash Inflows
113,453
155,331
205,894
250,257
282,670
1,007,605

10% Present
Value factor
0.909
0.826
0.751
0.683
0.621

Present
Value
103,129
128,303
154,626
170,926
175,538
732,522

Offer/share:

2.40

Offer Price:

720,000

Custom Snowboards, Inc.

Minneapolis Manufacturing - Overhead Analysis Traditional vs. ABC

Five overhead items with identified costs

Item

Activity Cost
Pool

Cost Driver

Factory
Setups

186,200

Quality
Control

315,800 QC Inspections

Cost Driver
Pool Rate
Quantity

Setups

Engineering
Service

142,000

Engineering

Product
Movements

312,767 Forklift Service

Packaging &
Shipping

332,588

Packaging

Cost Driver
Activity Cost
Product Line Quantity for for Product
Product Line
Line

9,500

20

Regular
Personalized

125
9,375

2,442
183,758
186,200

37,377
9,344

0.07
19.67

1,986

159

Regular
Personalized

93
1,892

14,862
300,938
315,800

37,377
9,344

0.40
32.21

140

1,013

Regular
Personalized

37
103

37,867
104,133
142,000

37,377
9,344

1.01
11.14

841

372

Regular
Personalized

374
467

139,010
173,757
312,767

37,377
9,344

3.72
18.60

46,721

266,072

315,800

0.84

66,516
332,588

315,800

0.21

Regular
Personalized

Miscellaneous Data
$ 1,289,355 Overhead allocated to Activity Cost Pools
37,377 Regular Snowboard Production
9,344 Personalized Paint Production.
$ 1,403,030 Total Applied Overhead

Product Line Activity Cost

Production per Unit of
Volume
Product

37,377
9,344

Regular
Personalized
Traditional
ABC
Traditional
ABC
1,177,376
1,177,376
490,560
490,560
2,197,768
2,197,768
686,784
686,784
3,375,143
3,375,143
1,177,344
1,177,344

Summary:
Direct Material
Direct Labor
Total direct cost of materials and labor
Manufacturing Overhead (ABC)
Factory Setups
Quality Control
Engineering Services
Product Movements
Packaging and Shipping
Overhead cost unallocated to activity cost pools
Total ABC Overhead Cost
Total Product cost

Traditional

1,068,982

ABC
4,444,125

Unit Cost Comparisons:

Regular
Unit Cost - Traditional
Unit Cost - Activity Based

119
105

Personalized
Unit Cost - Traditional
Unit Cost - Activity Based

162
218

334,048
2,442
14,862
37,867
139,010
266,072
86,610
546,863
3,922,006

1,511,392

1,403,030
183,758
300,938
104,133
173,757
66,516
27,065
856,167
2,033,511

113675
1,403,030