Increasing competition - local, regional and/or global - and decreasing profit margins (due largely to competitive product/service pricing) are forcing firms to use more accurate product costing/pricing methods and to implement more sophisticated management accounting practices (MAPS). To succeed, these implementations need to be based on a carefully designed, domain specific, comprehensive (i.e. inclusive of all relevant attributes) functional cost system within the organisation. In relation to the above scenario, discuss the following: a) Explain Cost-Volume-Profit Analysis and its objectives and limitations (5 marks) b) Discuss the three methods for calculating the break-even point with examples: The equation method, The contribution margin method, The graphical method (9 marks) c) Use the three methods discussed above to ascertain the sales volume required to achieve a target profit of RM300,000 (6 marks)