(Product cost; writing) A friend of yours, attending another university, states she learned that CVP is a short-run-oriented model and is, therefore, of limited useful-ness. Your professor, however, has often discussed CVP in presentations about long-run planning to your cost accounting class. You decide to investigate your friend’s allegation by preparing a report addressing your friend’s contention. Your professor is also asking you to prepare a separate report for internal management’s use that addresses how the CVP model could be adapted to become more useful for making long-run decisions. Prepare these two reports, one for your friend’s understanding and one for your professor.