Analysing cost and revenues
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1 Osborne Books Tutor Zone Analysing cost and revenues Chapter activities answers Osborne Books Limited, 2013
2 2 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 1 An introduction to cost accounting 1.1 Explanation A cost which remains unchanged over a range of output levels A cost that cannot be identified with each unit of output A unit of output to which costs can be charged A cost which is neither a material cost nor a labour cost A cost which varies directly with output The total of all direct costs Term Fixed cost Indirect cost Cost unit Expense Variable cost Prime cost 1.2 Fixed Cost: (b), (c) and (f) Variable Cost: (a), (d), (e) and (g) 1.3 (a), (c), (d), (f) and (g) are true. 1. Production ( factory ) costs Non-production ( warehouse & office ) costs Direct Costs Indirect Costs Administration Selling and Finance (overheads) Indirect Costs Distribution Indirect Costs (overheads) Indirect Costs (overheads) (overheads) Materials (c) (j) (l) (m) Labour (b) (e) (k) (i) Expenses (f) (a) (h) (d) (g)
3 c h a p t e r a c t i v i t i e s a n s w e r s 3 2 Materials costs 2.1 The method used is last in first out (LIFO). 2.2 (a) The Economic Order Quantity (EOQ) for RX3 is 1,500kg working: [(2 x 225,000 x 2.50) / 0.50] (b) and (c) Receipts Issues Balance Date Qty Cost per kg Total cost Qty Cost per kg Total cost Qty Total cost (kg) (kg) (kg) Balance 20 Nov Nov 1, ,2 1,650 2,66 22 Nov 1, , ,09 25 Nov 1, ,30 2,150 3,79 30 Nov 1, , Receipts Issues Balance Date Qty Cost per kg Total cost Qty Cost per kg Total cost Qty Total cost (kg) (kg) (kg) Balance 1 Sept 80 2,00 2 Sept , ,960 Sept 1, ,650 2,80 12,610 5 Sept ,000 2,080 10,610 7 Sept 1, ,102 1,080 5,508 Working: 7 September: 80kg at kg at kg at total 1,000kg + 5,102
4 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 2. kg Re-order level (1) 650 Maximum inventory level (2) 2,150 Average inventory level (3) 1,150 Workings: (1) (50 x 10 days) = 650 (2) ,000 = 2,150 (on arrival of order) (3) [(max 2,150 min 150) / 2] = 1,150 3 Labour costs 3.1 (a) 20,500 (b) 19,000 (c) Debit Credit Work in Progress 19,000 Overheads 1,500 Wages Control Account 20,500 (d) Employee Number Payment methods (a) (b) (c)
5 c h a p t e r a c t i v i t i e s a n s w e r s Employee: P. Boyd Profit Centre: Plastic extrusion Employee number: K089 Basic pay per hour: Hours spent Hours worked Notes Basic rate Overtime Total pay on production on indirect work premium Monday Tuesday 3 9am 1pm setting up equipment Wednesday Thursday am 12am cleaning of machinery Friday pm weekly meeting Saturday Sunday Total
6 6 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e Expenses.1 (a), (e) and (f) Variable; (b) Semi-variable; (c), (d) and (g) Fixed.2 (a) Cost per month Output per month (units) Data provided 65,000 11,500 95,000 19,000 Difference 30,000 7,500 Variable cost per unit.00 Fixed cost per month 19,000 (b) Variable costs 51,200 Fixed costs 19,000 Total costs 70,200.3 (a), (c), (d), (e) and (f) are true.. Batches produced and sold 3,200 3,500,000 Sales revenue 6,000 70,000 80,000 Variable costs: Direct materials 12,800 1,000 16,000 Direct labour 16,000 17,500 20,000 Overheads 9,600 10,500 12,000 Semi-variable costs: 17,800 18,250 19,000 Variable element,800 5,250 6,000 Fixed element 13,000 13,000 13,000 Total cost 56,200 60,250 67,000 Total profit 7,800 9,750 13,000 Profit per batch (to three decimal places)
7 c h a p t e r a c t i v i t i e s a n s w e r s 7 5 Overheads 5.1 (a) Overhead Basis Total Manufacturing Finishing Stores Rent Area,000 2,000 1,000 1,000 Indirect Labour Allocation 7,00 2,500 1,500 3,00 Depreciation NBV NCA 1, Other Property o/h Area 2,00 1, Sub Total 15,000 6,300 3,300 5,00 Stores Reapportioned,050 1,350 (5,00) Totals 15,000 10,350,650 0 (b) ,350 / 1,600 hours = 6.7 per direct labour hour. (c) 1,293 over absorbed. ( 6.7 x 1,900) 11,000 = 1, Staff canteen costs Buildings insurance Power for plant Heating and lighting Staff uniform costs Maintenance of plant Rent and rates Net book Number of Area of Power value of plant employees cost centres consumption of plant
8 8 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 5.3 Basis Assembly Finishing Maint ce Stores Admin Totals Depreciation of plant and equipment NBV 153,98 81, ,50 Power for production machinery KwH 30,912 96, ,200 Rent and rates Sq mt 39,00 28,565 15,760 9,56 5,319 98,500 Light and heat Sq mt 17,2 12,632 6,970,182 2,352 3,560 Indirect labour Allocate ,00 55, ,650 27,350 Totals 515, ,951 90,130 68, ,321 1,053,060 Reapportion Maintenance 76,611 13,519 (90,130) Reapportion Stores,810 2,128 0 (68,938) 0 0 Reapportion General Admin 95,593 63, (159,321) 0 Total overheads to production centres 732,73 320, ,053, Statement (g) (Budgeted overhead costs divided by budgeted direct labour hours) shows the correct calculation of the overhead absorption rate when based on direct labour hours.
9 c h a p t e r a c t i v i t i e s a n s w e r s 9 6 Methods of costing 6.1 Job Batch Service Process Costing Costing Costing Costing (a) (b) Manufacturing paper clips Manufacturing fire engines to individual specifications (c) Running a nursing home (d) Manufacturing cleaning chemicals (e) Rewiring commercial buildings (f) Printing text books (g) Operating an oil refinery 6.2 Normal loss (with scrap value) Abnormal gain Abnormal loss Process Account Normal Loss Abnormal Loss Account or Gain Account Debit Credit Debit Credit Debit Credit 6.3 (a) Weight (kg) Value per kg Total Value Normal Loss 12, ,600 Abnormal Gain 1, ,50 Finished Product 109, ,050 Value of finished goods and abnormal gain is based on expected figures: ( 60,200 15,600) / 108,000 kg = 5.5 per kg (b) If the amount received from the actual 11,000 kg scrap is 1.30 per kg, the balance in the abnormal gain account will be a credit of,150. Working: (Gain 5,50 (1,000 kg x 1.30)) =,150
10 1 0 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 6. Description kg Unit Total Description kg Unit Total cost cost cost cost Material AH Normal loss Material AH Output 1, ,675 Material AH Labour 5,760 Overheads 8,160 1,500 15,750 1,500 15,750 7 Marginal and absorption costing 7.1 (a), (d) and (f) Marginal costing; (b), (c) and (e) Absorption costing 7.2 Statement of Profit or Loss Absorption Costing Sales 750,000 Direct Materials 20,000 Direct Labour 300,000 Fixed Overheads 120,000 Total Cost of Production 660,000 Less Closing Inventory 165,000 Cost of Sales 95,000 Profit 255,000
11 c h a p t e r a c t i v i t i e s a n s w e r s 1 1 Statement of Profit or Loss Marginal Costing Sales 750,000 Variable Materials 20,000 Variable Labour 300,000 Variable Cost of Production 50,000 Less Closing Inventory 135,000 Variable Cost of Sales 05,000 Fixed Costs 120,000 Profit 225, Prime (Direct) Cost 16,000 Opening inventory of raw materials 20,000 Opening inventory of raw materials 20,000 Purchases of raw materials 88,000 Closing inventory of work in progress 38,000 Closing inventory of raw materials 22,000 Direct labour 60,000 Raw materials used in manufacture 86,000 Opening inventory of work in progress 20,000 Direct labour 60,000 Factory cost 188,000 Prime (Direct) Cost 16,000 Closing inventory of raw materials 22,000 Manufacturing overheads 2,000 Manufacturing overheads 2,000 Factory cost 188,000 Raw materials used in manufacture 86,000 Opening inventory of wk in progress 20,000 Purchases of raw materials 88,000 Closing inventory of wk in progress 38,000 Factory cost of goods manufactured 170,000 Factory cost of goods manufactured 170,000
12 1 2 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 7. Statement of Profit or Loss Absorption Costing Sales 1,000,000 Opening Inventory 210,000 Direct Materials 270,000 Direct Labour 180,000 Fixed Overheads 180,000 Cost of Sales 80,000 Profit 160,000 Statement of Profit or Loss Marginal Costing Sales 1,000,000 Opening Inventory 150,000 Variable Materials 270,000 Variable Labour 180,000 Variable Cost of Sales 600,000 Fixed Costs 180,000 Profit 220,000
13 c h a p t e r a c t i v i t i e s a n s w e r s Aspects of budgeting 8.1 Budget Budget Actual Variance A F Sales 155,000 19,500 5,500 Direct Materials 3,200 36,200 2,000 Direct Labour 1,200 2, Production Overheads 25,600 25, Administration Overheads 10,200 10, Selling and Distribution Overheads 18,800 20,100 1, Original Budget Budget Flexed at Budget Flexed at 75% Activity level 120% Activity level Number of Units 120,000 90,000 1,000 Sales,920,000 3,690,000 5,90,000 Direct Materials 1,320, ,000 1,58,000 Direct Labour 1,800,000 1,350,000 2,160,000 Overheads 1,300,000 1,300,000 1,300,000 Profit from operations 500,000 50, , (b), (d), (e) and (f) are true. 8. Flexed Budget Actual Variance (F), (A) or 0 Volume sold 19,000 19,000 Sales revenue 1,16,000 1,160,000,000 A Less costs: Direct materials 291, ,000 1,000 F Direct labour 65,600 50,000 15,600 F Overheads 210, ,000 8,000 A Profit from operations 197,00 202,000,600 F
14 1 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 9 Short-term decisions 9.1 Calculation method Fixed costs divided by contribution per unit Selling price per unit minus variable costs per unit Sales volume minus break-even sales volume (Fixed costs plus target profit) divided by CS ratio (Sales minus variable costs) divided by sales Performance indicator (e) (a) (g) (b) (c) 9.2 (a) 1,500 (b) 20%; break-even 750 (c) Sales (bottles) 2,000 per week 3,000 per week Sales Income 1,000 1,500 Variable Costs 800 1,200 Fixed Costs Profit (d), (a) 0%; break-even 10,000 (b) 60% (c) Sales Income 20,000 30,000 Variable Costs 12,000 18,000 Fixed Costs,000,000 Profit,000 8,000 (d) 35,000
15 c h a p t e r a c t i v i t i e s a n s w e r s (a) Tables Chairs Total Sales Income 0,000 32,000 72,000 less variable costs 20,000 20,000 0,000 Contribution 20,000 12,000 32,000 less fixed costs 25,000 Profit 7,000 (b) The contribution per table: 100 The break-even point in numbers of tables per month: 250 Tables needed to be made and sold to achieve the current profit level: 320 per month
16 1 6 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 10 Long-term decisions 10.1 Description Name of Key Term The length of time that it would take to get back the initial investment in a project The difference between the present value of the total cash inflows and total cash outflows of a project The system that converts cash flows that occur at various points in time to their present value by taking account of the time value of money The rate which when used to discount the cash flows in a project results in a net present value of zero The result of comparing the present value of the total cash inflows and total cash outflows of a project when the outflows are greater than the inflows (c) (e) (d) (b) (a) Payback period Net present value Discounted cash flow Internal rate of return Net present cost 10.2 (a) Project A Year 0 Year 1 Year 2 Year 3 Year Net Cashflows PV Factors Present Values (to nearest 000) Net Present Value (to nearest 000) 37 (b) Project B Year 0 Year 1 Year 2 Year 3 Year Net Cashflows PV Factors Present Values (to nearest 000) Net Present Value (to nearest 000) 5
17 c h a p t e r a c t i v i t i e s a n s w e r s 1 7 (c) (d) (e) The project which is better in terms of net present value is project A Project A: 1 year, 10 months Project B: 3 years, 0 months The project which is better in terms of payback period is project A 10.3 (a) Year Detail Cash Flow Discount Factor Present Value 0 Purchase and Installation 1, ,750 1 Savings Net Present Value 17 (b) The payback period for the project in years and months is: 3 years, 6 months. 10. (a) Year 0 Year 1 Year 2 Year Capital expenditure 1,170 Sales income Operating costs Net cash flows 1, PV factors Discounted cash flows 1, Net present value 203 The net present value is positive. (b) The payback period is 2 Years and 0 Months.
18 1 8 a n a l y s i n g c o s t s a n d r e v e n u e s t u t o r z o n e 10.5 (a) The discount factor that results in a net present value of zero 10.6 Compound interest table for each given percentage: 6% 10% 1% Year Year Year Year Applying the factors from the table into the net cash flows (in 000s): 6% = = net present value 10% = = 7.09 net present value 1% = = net present value Conclusion The given percentage which is closest to the internal rate of return for this project is 10%, ie the percentage at which the project breaks even (ie NPV is closest to zero).
Analysing cost and revenues
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