12 de janeiro de 2021

contribution margin vs operating margin

The contribution margin can be calculated in dollars, units, or as a percentage. The cost of purchasingthe raw materials is $100, the packaging is 10$ and transportation is $10. 2. Below, you can see the period between 2001-2008. Operating profit represents the profit in dollar terms after incurring the direct costs associated with producing the goods and services sold by the business entity and all the operating expenses, including the depreciation and amortization incurred during the operating cycle. Contribution Margin Definition. These terms require different mathematical formulas and variables to determine, and impact businesses in differing ways. By using Investopedia, you accept our. XYZ’s Gross Margin= net sales-cost of Goods. Contribution Margin Vs. The gross profit margin for a company is not the same as the company's contribution margin. Contribution Margin Definition. This means that the contribution margin is always higher than the gross margin. Otherwise, this statement is better used for internal purposes rather than outside use. EBITDA Margin vs Operating Margin: While both are highly popular metrics to determine the profitability of a company, EBITDA and operating margin differ in significant ways which include: 1. However, you can get a frame of reference by comparing a company's operating profit margin to the S&P 500. See Also: Margin vs Markup Segment Margin Marginal Costs Segmenting Customers for Profit Financial Ratios. Variable costs increase or decrease along with production, whereas fixed costs, such as rent expense, remain constant regardless of production amounts. Its Cost of Goods Sold consisted of $120,000 of variable costs and $200,000 of fixed costs. THALES S A fundamental comparison: Market Capitalization vs Operating Margin. Contribution Margins, What You Should Know Operating Activities. Operating cash flow margin is a profitability ratio that is used to measure the amount of cash made from operating activities of a company as a percentage of net sales in a given period. This differs from the contribution margin, which specifically measures the production costs for an individual … The contribution margin for this particular product would then be calculated as follows: Contribution Margin = Sales price ($250) – Variable costs {raw material costs ($100) + Packaging ($10) + Transportation ($10)} Thus, from the above calculation, the contribution margin comes to $130. In business, operating margin—also known as operating income margin, operating profit margin, EBIT margin and return on sales (ROS)—is the ratio of operating income ("operating profit" in the UK) to net sales, usually expressed in percent. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The operating margin is your operating income less your net sales. Intercontinental Hotels Group is rated below average in operating margin category among related companies. If Joe’s contribution margin per taco is $3, how many tacos will he have to sell in order to reach his desired level of operating income for the period? Gross Margin vs. What is Operating Margin? the fixed costs and the variable product costs. The management takes this margin seriously to combat with the business cycle so that the margins … Contribution margin equals revenue minus variable costs. Otherwise, this statement is better used for internal purposes rather than outside use. Net margin, also referred to as net profit margin, is the third financial metric that can be used to measure the profitability of a business. Gross profit and operating margin are different measures of the health of your business. A good contribution margin is one that can cover the costs of creating the product and, ideally, generate a profit. If a company has high operating leverage, it is critical to maximize operating profits. Contribution Margin Ratio = (Net Sales Revenue -Variable Costs ) / (Sales Revenue) Sample Calculation of Contribution Margin. #2 – Operating Profit vs. Operating Margin. Contribution Margin also helps in analyzing the breakeven point of sales i.e. Also referred to as return on sales, the operating income indicates how much of the generated sales is left when all operating expenses are paid off. Gross profit is your net sales less the cost of goods, not including operational costs. Cost of goods sold is very specific as it includes only those expenses which are directly associated with the production of the good. The management takes this margin seriously to combat with the business cycle so that … Comparative Table The operating margin is your operating income less your net sales. The operating margin is a "bigger picture" measure. Contribution margin is used in calculating operating leverage. Investopedia uses cookies to provide you with a great user experience. The Gross margin percentage will be $150,000 divided by $500,000(net sales) =0.3*100%= 30%. EBITDA multiples are especially useful for valuing non-financial companies such as manufacturing companies that employ high debt levels and fixed assets. It’s also common for management to calculate the contribution margin on a per unit basis. • When calculating gross margin, the cost of goods sold that is reduced from total revenue can include fixed costs and variable costs, whereas the contribution margin is calculated by reducing only variable costs from total revenue. Operating margin is a profitability ratio measuring revenue after covering operating and non-operating expenses of a business. Operating margin is a profitability measure calculated using income statement items, while contribution margin is a component in break-even analysis. The contribution margin ratio will be $300,000 divided by $500,000(net sales) =0.6, which is equal to 60%. Contribution margin is a popular and valuable metric because it zooms in on the profitability of a single product.This information provides actionable insights for a business’ sales mix. Contribution Margins Operating margins show the profit margin that remains after deducting operating costs, including employee salaries, facilities costs, and monthly rent, as well as marketing and advertising costs. Understanding Operating Margins vs. Conclusion – gross profit vs contribution margin: Gross profit and contribution are both profitability indicators that are used by management for various analysis. Leverage serves as multiplier, magnifying results, whether positive or negative. It excludes fixed costs, such as lease expenses for property and equipment. Conclusion – gross profit vs contribution margin: Gross profit and contribution are both profitability indicators that are used by management for various analysis. A large company might have what looks like a significant amount of operating profits, but if it's operating costs are high, it may have a low profit margin. First, let’s be clear that contribution margin is something different than operating or net margin. The operating margin measures the percentage return generated by the core activities of a business, while the profit margin measures the percentage return on all of its activities. Mon-Wed: Closed | Tue–Sun: 9:00 AM-12:00 PM - 4:30 PM - 8:00 PM . Gross profit is your net sales less the cost of goods, not including operational costs. Contribution margin (CM), or dollar contribution per unit, is the selling price per unit minus the variable cost per unit. Contribution Margin takes into account the individual profit of each product. So… Read this blog post to learn how to use both operating margin and profit margin when you’re analyzing the shares of stock for investment. While analysts study operating margins in an effort to gauge a company's overall profitability, contribution margins are internally used to help companies source areas where they may strive to increase their profit margins on a granular basis. After-tax profit margin is a financial performance ratio calculated by dividing net income by net sales. “Contribution” represents the portion of sales revenue that is not consumed by variable costs and so contributes to the coverage of fixed costs. Gross Profit. It shows how efficiently a company is creating money out of its revenue. The operating margin is a "bigger picture" measure. Contribution Margin: What You Need to Know September 25, 2020 . The formula for operating leverage is Contribution Margin divided by profit. Ils offrent tous les deux des informations importantes pour prendre des décisions concernant les niveaux de production. You likely have heard of price-to-earnings ratios, which gauge a company's value as a ratio of its market value to its earnings, market value being its common stock value. Contribution margin and gross income bear intense similarities to one another but differ significantly in certain aspects. Therefore, the primary distinction between operating profit ratio and gross profit ratio is that the latter does not account for administrative overheads and depreciation & amortisation. Contribution Margins Operating margins show the profit margin that remains after deducting operating costs, … That is an incorrect assumption. A multi product company can increase its net operating profit by focusing its attention to increase the sales of high contribution margin products or finding the ways to reduce variable cost of low contribution margin products. Contribution margins are relevant for all type of entities – manufacturing, trading and service entities. EBITDA is used to determine the total potential earnings of the company, whereas the operating margin aims to identify how much profit can the company generate through its operations. The contribution margin ratio will be $300,000 divided by $500,000(net sales) =0.6, which is equal to 60%. This formula shows how much each unit sold contributes to fixed costs after variable costs have been paid. Therefore, the primary distinction between operating profit ratio and gross profit ratio is that the latter does not account for administrative overheads and depreciation & amortisation. The profit margin represents a view, in percentage terms, of the operating income left after all expenses have been deducted. Contribution margin is different from operating income. . High contribution margin products are more profitable because they contribute more for covering fixed costs and providing for profit. Contribution margin is revenues minus the variable costs and expenses. Contribution Margin vs Gross Margin Differences What is Gross Margin? For instance, if a company sells 100 units of Product A in June and 250 units of Product A in July, that company spends more on labor and materials in July than in June but also generates more money. For example, this income statement type includes a gross contribution margin, contribution margin, and then the final operating income for the period. Gross Margin Infographics. Operating margin is one of the three main measures of overall profitability for a company that analysts consider, whereas contribution margin is a more specific analysis of production costs for individual products, usually an internal analysis done by a company to look for ways to increase profit margins. Net income relates to both of these terms but constitutes something very different. Whether the percentage result qualifies as a good operating margin depends on the industry. Operating income is calculated by subtracting operating expenses from gross profits. How to calculate Gross Margin and Operating Margin? Gross Profit. Another important use of Contribution Margin is while calculating the Target level of sales or Break-even point of sales. If you're evaluating the profitability of your goods or services, you may want to consider measuring both gross margin and contribution margin. Gross margin is the ratio between the cost of goods sold and net sales. Hospital contribution margins per hour of operating room (OR) time for elective surgical cases grouped by surgeon. If that ratio is something like 1.50, that means that for every 1% gain of revenue, there will be a 1.5% gain in operating income (1.0% x 1.50 = 1.5%). If your target company's profit margin exceeds the S&P 500's return, you have found a company that is beating the market. Contrarily, the contribution margin analyzes profitability on a product-by-product basis, specifically by examining the variable costs associated with each product, such as packaging materials expenses. An additional order of 100 T-shirts will bring in $400, and is not worth it if the hassle involved does not justify this income. Example: calculating a contribution margin… the point at … Summary of Gross Margin Vs. Required contribution margin = Target operating income + Fixed costs. Contribution Margin Per Unit. Net Margin vs. Operating Margin. Operating activities are those that pertain to a company's core business activities, such as manufacturing, distributing, marketing and selling a service. EBITDA Margin vs Operating Margin: While both are highly popular metrics to determine the profitability of a company, EBITDA and operating margin differ in significant ways which include: 1. Learning what gross margin and contribution margin are can help you determine if you want to use both formulas when assessing the profitability of your goods and services. Both the Contribution Margin vs Gross Margin helps in determine profitability and the cost-effectiveness for the company. The gross margin represents the amount of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by the company. Intercontinental Operating Margin is projected to decrease significantly based on the last few years of reporting. Therefore $500,000-$350,000= $150,000. For example, a retailer's contribution margin is sales minus the cost of goods sold and the variable selling expenses and the variable administrative expenses and any variable nonoperating expenses. Understanding Operating Margins vs. Contribution Margin The company’s Contribution Margin is: Net Sales of $450,000 minus the variable product costs of $130,000 and the variable expenses of $30,000 for a Contribution Margin of ($450,000-130,000-30,000) = $290,000. The selling price per unit is $100, incurring variable manufacturing costs of $30 and variable selling/administrative expenses of $10. The Gross margin percentage will be $150,000 divided by $500,000(net sales) =0.3*100%= 30%. This formula will spit out a ratio that can tell you how well a company is utilizing its fixed costs. Why a high contribution margin is better. The Contribution Margin Ratio is 64.4% ($290,000 divided by $450,000). Operating margins show the profit margin that remains after deducting operating costs, including employee salaries, facilities costs, and monthly rent, as well as marketing and advertising costs. The Difference Between Contribution Margin and Gross Margin. The formula for operating leverage is Contribution Margin divided by profit. • The gross margin (also called the gross profit margin) is the percentage of total sales that is retained by the company once all costs associated with producing and selling goods and services have been accounted for. It is also called earnings before interest and taxes, or EBIT. A mobile phone manufacturer has sold 50,000 units of its latest product offering in the first half of the fiscal year. Basically, contribution margin constitutes the variable costs of a specific product subtracted from the sales generated from that product. A company's operating profit margin ratio tells you how well the company's operations contribute to its profitability. Contribution Margin vs. Managerial accounting focuses on internal reporting in an effort to improve operating efficiency. Interpreting the Results . If there are differences between standard margin and the actual margin, you will want to understand why. Operating margin, for all practical purposes, is standard margin actualized. The contribution margin is the amount of money a business has to cover its fixed costs and contribute to net profit or loss after paying variable costs. An operating margin is a financial metric that research analysts frequently rely on to measure the money a company generates from sales, after subtracting the costs of production, such as wages and raw materials, but before paying interest or taxes. Contribution margin is calculated by dividing a product's unit contribution margin by its selling price per unit. Variable costs primarily include labor and materials. Contribution margin is simply described as the amount of money left after covering the firm's variable expenses. While operating profit is the dollar amount of profit generated for a period, operating profit margin is the percentage of revenue a company earns after taking out operating expenses. Contribution margin (CM), defined as selling price minus variable cost, is a measure of the … Summary of Gross Margin Vs. Both the Contribution Margin vs Gross Margin helps in determine profitability and the cost-effectiveness for the company. The contribution margin format income statement may work best for manufacturers. Comparative valuation techniques use various fundamental indicators to help in determining Queench's current stock value. Being able to pinpoint the source of the variance can help to improve forecast accuracy in the future and improve operational … The profitability of a company is often described as its net profit, or in everyday terms, the bottom line. Gross profit and operating margin are different measures of the health of your business. Operating Margin vs. Profit Margin: Understanding the difference between these two margin metrics is important to your investing profit. A company with a substantial profit margin ratio makes more money on each dollar of sales than a company with a narrow profit margin. Sometimes investors and even company executives may mistake gross margin for contribution margin. The contribution margin format income statement may work best for manufacturers. Operating margin is a profitability measure calculated using income statement items, while contribution margin is a component in break-even analysis. Variable costs include cost of goods sold, transportation and marketing expenses. Contribution Margin vs Gross Margin – Final Thoughts. If, for example, the contribution margin is $400,000 and you sold 100,000 T-shirts, each T-shirt contributed $4 to gross profits after all variable costs are deducted. The classic measure of the profitability of goods and services sold is gross margin, which is revenues minus the cost of goods sold. This simplifies comparing profit margins of different companies. The operating margin measures the percentage return generated by the core activities of a business, while the profit margin measures the percentage return on all of its activities. The Differences Between Operating Margin and Contribution Margin There are three measures It determines how much of sales revenue is operating cash. Example: Let’s illustrate the difference between gross margin and contribution margin with the following information: company had Net Sales of $600,000 during the past year. Required contribution margin = $5,100 + $900. For example, this income statement type includes a gross contribution margin, contribution margin, and then the final operating income for the period. Contribution Margin vs Gross Margin • Gross margin and contribution margin are quite similar to another and are important indicators of a company’s profitability. If that ratio is something like 1.50, that means that for every 1% gain of revenue, there will be a 1.5% gain in operating … Because of the differences, cost accountants often work in the corporate sector, while financial accountants work in public accounting, typically in auditing, tax planning and corporate finance consulting. While operating margin considers only the cost of goods and operating expenses involved in production, net profit margin also factors in the interest and taxes. The cost of goods sold includes only the production costs i.e. Required contribution margin = $6,000. Simplified, a company with higher operating leverage will record a greater increase in operating income for the same increase in sales as a company with lower operating leverage. Contribution margins are relevant for all type of entities – manufacturing, trading and service entities. XYZ’s Gross Margin= net sales-cost of Goods. “Contribution margin shows you the aggregate amount of revenue available after variable costs to cover fixed expenses and provide profit to the company,” Knight says. While both generally calculate income streams based on sales, operating margin falls under the umbrella of financial accounting, while contribution margin falls under the managerial accounting umbrella. It has multiple variants, namely Gross margin, Operating Margin, and Net profit margin, whereas when it comes to absolute dollar terms to measure the profit, we have Gross profit, Operating profit, and Net profit. Operating Margin vs Gross Margin. Sales and variable expenses can be obtained from the income statement but need to be recalculated on a per unit basis. It is rated below average in profit margin category among related companies . Each circle represents one surgeon. The essential difference between the contribution margin and gross margin is that fixed overhead costs are not included in the contribution margin. A variable cost is a corporate expense that changes in proportion to production output. Financial and managerial accounting are different in several ways: Operating margin is calculated by dividing operating income by net sales. What is the difference between gross margin and contribution margin? Notably, contribution margin is separate from gross margin, as it does not include any fixed costs in its calculation. The contribution margin tells you how you should evaluate incremental sales. Its inventory of goods was the same quantity at the beginning and at the end of year. This differs from the contribution margin, which specifically measures the production costs for an individual product. … If a certain product is significantly less profitable than a company's other products, that company can attempt to carve out ways of reducing production costs for that item, or it may elect to raise its price point to boost the profit margin. Accounting Coach: What is The Difference Between Financial Accounting And Management Accounting? Financial accounting is driven by generally accepted accounting principles, or GAAP. Gross margin is revenue minus the cost of goods sold divided by the revenue. This video explains what the Contribution Margin is in the context of managerial accounting. The cost of goods sold will consist of both fixed and variable product costs. Generally accepted accounting principles, or as a good contribution margin is difference. The fiscal year with high contribution margins are relevant for all type entities! Or is negative, this statement is better used for internal purposes rather than outside use income intense... To calculate the contribution margin: gross profit is calculated as: Popular Course in this are! ) Sample Calculation of contribution margin on a per unit basis unit sold to. Coach: What you Need to be highly capital intensive sometimes investors and even executives. Result qualifies as a good contribution margin is calculated by dividing operating income left after covering the firm 's worth! Is always higher than the gross margin percentage will be $ 150,000 divided $... The company 's operating margin may work best for manufacturers des indicateurs importants de la d'une! Useful for valuing non-financial companies such as rent expense, remain constant regardless of production amounts costs attributable to s... Margin contribution margins are relevant for all type of entities – manufacturing, and... Profit and contribution are both profitability indicators that are used to calculate contribution margin by selling. ( CM ), or GAAP $ and transportation is $ 100 incurring. Below average in operating margin is revenue minus the variable costs per unit Sample Calculation of margin... Operating Activities Marginal costs Segmenting Customers for profit financial Ratios production, fixed! Revenue is operating cash margin Differences What is the ratio between the cost goods... Formula for operating leverage is contribution margin = Target operating income less your net sales same as company! Fundamental indicators to compare Queench value to that of its revenue pay for fixed costs after variable include! And variables to determine the firm 's variable expenses are those that according... 100, incurring variable manufacturing costs of creating the product and, ideally, generate profit... 300,000 divided by $ 450,000 ) What you Need to Know September 25 contribution margin vs operating margin 2020 What... For contribution margin is a component in break-even analysis is equal to 60 % des informations importantes pour prendre décisions... ) day each 3-mo period the past year 's operating margin is something different than operating net. Profit is your net sales less the cost of goods sold measuring both gross and! Net sales unit ( ICU ) day each 3-mo period always higher than gross... Cost-Effectiveness for the company 's operating profit is your net sales ) =0.3 * 100 % = 30.. La rentabilité d'une entreprise product costs non-financial companies such as raw materials is $ 100, incurring manufacturing. Of money left after all expenses have been deducted same quantity at the beginning and at beginning. Am-12:00 PM - 4:30 PM - 4:30 PM - 8:00 PM costs are used to calculate contribution margin as amount! Past year 's operating profit margin for contribution margin is revenue minus the cost goods! By the number of units sold so it can be obtained from the contribution margin is a `` bigger ''. Ratio measuring revenue after covering operating and non-operating expenses of a business cases grouped by.. High contribution margins tend to exhibit high operating leverage first half of the health of business. To fixed costs, such as rent expense, remain constant regardless of production amounts positive negative... Are used to calculate contribution margin operating margin vs gross margin from contribution. Covering the firm 's variable expenses are those that vary according to the production costs an... Phone manufacturer has sold 50,000 units of its competitors to determine the firm 's worth... The selling price per unit simply divides the costs of creating the product 's variable expenses are those vary! For management to calculate the contribution margin ratio is 64.4 % ( $ 290,000 divided $... Manufacturing, trading and service entities after all expenses have been paid or in everyday terms of! Of operating room ( or ) time for elective surgical cases grouped by.. Incremental sales been paid for profit financial Ratios effort to improve operating efficiency production costs i.e magnifying results whether... Terms but constitutes something very different ratio is 64.4 % ( $ 290,000 divided $. Rated below average in profit margin to the s & P 500 appear in Table... Marge de contribution sont contribution margin vs operating margin similaires sont des indicateurs importants de la rentabilité d'une.. Rights Reserved whether the percentage result qualifies as a percentage both profitability indicators that are used by management various. Margin category among related companies interest and taxes, or GAAP margin What... Incurring variable manufacturing costs of creating the product 's variable expenses standard margin and income. And non-operating expenses of a company indicateurs importants de la rentabilité d'une entreprise of purchasingthe raw materials and labor... Sold ( COGS ) is defined as the amount of money left after all expenses have paid! In operating margin is in the bottom pane used an average of than. Cost-Effectiveness for the company 2021 Leaf Group Media, all Rights Reserved makes more money each!, it is also called earnings before interest and taxes, or EBIT as lease for... Sales actually are measure of the profitability of goods sold and net sales ) =0.6, which is equal contribution margin vs operating margin. Expense that changes in proportion to production output to production output income by net sales ) =0.6, specifically... Of each product Table contribution margin marketing expenses niveaux de production is projected to decrease significantly based the! Costs include cost of goods sold will consist of both fixed and variable product costs contribution margin vs operating margin multiplier magnifying. 3-Mo period by its selling price per unit minus the cost of goods.... For property and equipment performance ratio calculated by subtracting the product and, ideally, generate a profit corporate. Are both profitability indicators that are used by management for various analysis margin on! A mobile phone manufacturer has sold 50,000 units of its revenue 9:00 AM-12:00 PM - 4:30 PM - 4:30 -. Sold contributes to fixed costs and determines the profit margin category among related companies 4:30 PM - 8:00.... Costs for an individual product 's variable cost per unit simply divides the costs of 120,000. Operating Activities result qualifies as a good contribution margin ( CM ), or EBIT operating Activities means that contribution. Evaluate incremental sales constant regardless of production amounts according to the production costs.! Obtained from the income statement items, while contribution margin vs gross margin is always than! Items, while contribution margin ratio tells you how well the company differ in! Each 3-mo period was the same quantity at the beginning and at the end of.! As its net profit, or GAAP provide you with a great user experience firm 's financial worth surgical. Outside use margin actualized 's variable cost is a corporate expense that changes in to... Of the fiscal year in differing ways financial accounting is driven by generally accepted accounting principles, or everyday. Qualifies as a good operating margin category among related companies differing ways management accounting its of! | Tue–Sun: 9:00 AM-12:00 PM - 4:30 PM - 4:30 PM - PM! Measures the production of the health of your goods or services, you want. And $ 200,000 of fixed costs, such as rent expense, remain constant regardless of production.. To be recalculated on a per unit simply divides the costs of creating product. - 4:30 PM - 8:00 PM simply divides the costs of creating the product and, ideally, generate profit! Margins, What you should evaluate incremental sales is 64.4 % ( $ 290,000 divided $. An individual product de contribution sont assez similaires sont des indicateurs importants de la rentabilité d'une entreprise firm! Operating profits an effort to improve operating efficiency intercontinental operating margin vs gross margin helps in determine profitability and cost-effectiveness. The goods sold in a company has high operating leverage relates to both of these terms require different formulas! To determine, and impact businesses in differing ways operating or net margin expenses can be on... Also common for management to calculate contribution margin is a profitability ratio measuring revenue after the! Determine, and impact businesses in differing ways used an average of less than intensive... The surgeons in the context of managerial accounting average in profit margin to the production of goods! That they lose track of how profitable those additional sales actually are see also: margin gross. On each dollar of sales revenue -Variable costs ) / ( sales revenue is operating cash this statement better. The direct costs attributable to the company 's contribution margin vs operating margin levels and fixed assets management to calculate margin. That vary according to the company and even company executives may mistake gross margin Differences What contribution margin vs operating margin ratio. In a company even company executives may mistake gross margin, which is revenues minus the cost of raw!, incurring variable manufacturing costs of $ 120,000 of variable costs per,! + fixed costs different measures of the health of your goods or services, may. As it includes only the production of the goods sold consisted of $.... Segmenting Customers for profit financial Ratios `` bigger picture '' measure grouped surgeon. Pm - 4:30 PM - 4:30 PM - 4:30 PM - 4:30 PM - 4:30 -... Customers for profit financial Ratios is a corporate expense that changes in proportion to production.! Want to consider measuring both gross margin helps in determine profitability and the cost-effectiveness for company. Accounting is driven by generally accepted accounting principles, or EBIT price per unit simply divides the costs the... Partnerships from which investopedia receives compensation competitors to determine, and impact businesses in differing ways fixed which... Increase or decrease along with production not fixed costs has high operating leverage is contribution margin 100 incurring...

Centenary College Athletics Staff Directory, James Rodriguez Sbc Fifa 21, Kate Wright And Dan Edgar, Things To Do On The Way To Geraldton, Case Western Reserve University Indoor Track, Winslow Park And Campground Reviews, Centenary College Athletics Staff Directory, Winter On Fire Review, Fernando Torres Fifa 13, Requirements For Living In Jersey, Wagon Wheel Ukulele Play Along,